US-headquartered energy company Valero has reported a net income of $1.1 billion for the third quarter (Q3) of 2025, up from $364 million in Q3 2024. In a statement issued today (23 October), the company said that its Refining segment reported operating income of $1.6 billion for the quarter, compared to $565 million for the same period last year. Lane Riggs, Valero’s Chairman, Chief Executive Officer and President, said: ‘We are pleased to report strong financial results for the third quarter, highlighting our long-standing track record of operational and commercial excellence. ‘Our refinery throughput utilization was 97%, with the Gulf […]

In light of recent events at the International Maritime Organization (IMO), it was fitting that the first session of ARACON 2025 would examine the importance of new and existing regulations. This year’s edition of ARACON in Rotterdam saw more than 235 delegates from over 25 countries attend one of the most keenly anticipated bunker events in the calendar. Opening proceedings was Gasum’s Jacob Granqvist who observed, wryly, that: ‘there has been a lot going on lately in terms of regulation.’ Of course, last Friday, a majority of International Maritime Organization (IMO) Member States voted in favour to adjourn a vote […]

South Korean shipping company HMM has entered a R&D partnership with four subsidiaries of shipbuilder Hanwha Group and classification society Korean Register (KR) to design a new propulsion system for vessels that will generate thrust from ammonia-based gas turbine and electrical power from fuel cells. The system would enable completely carbon-free operations. The project will focus on developing systems for containerships. It will also look into a hybrid concept combining fuel cells and battery technologies, including economic feasibility studies and the design of new, optimised vessel hull forms. ‘The cooperation is expected to create a synergistic model that brings together […]