Malaysia-based offshore support vessel (OSV) provider Nam Cheong has sold two vessels for $36.7 million, including its first newbuild sale in more than a decade.

The transactions include a newly built multi-purpose support vessel (MPSV) and a 120-tonne anchor handling tug supply (AHTS) vessel, which was 16 years old and divested following the completion of its charter contract in the first quarter of 2026.

Both vessels were delivered in the second quarter of 2026 to a vessel operator in Indonesia and a government-linked operator in Egypt.

The company said proceeds from the sales will be primarily reinvested into its shipbuilding operations or used to support fleet expansion, depending on market conditions.

The divestments form part of Nam Cheong’s fleet optimization strategy, aimed at recycling capital by selling older vessels while maintaining flexibility to supply newbuilds.

“Our strong OSV shipbuilding heritage and established global clientele base allow us to identify and capitalize on market opportunities for vessel monetization. This enables the Group to capture earnings upsides through the sale of both newbuilds and existing ageing vessels.

“With an ageing global OSV fleet, the Group continues to see increasing demand for newbuilds….

Young leaders, innovators and advocates from around the world are gathering at UN Headquarters in New York until Thursday for the 2026 Economic and Social Council (ECOSOC) Youth Forum.

The event aims to advance innovative solutions to accelerate progress on the Sustainable Development Goals (SDGs).

Held under the theme Innovate, Unite and Transform: Youth Shaping the Road to 2030, the forum reaffirms young people as essential partners in building a sustainable, inclusive and resilient future.

Bringing the ‘sunshine’

Acknowledging that it is rare to see a full room with such positive energy, General Assembly President Annalena Baerbock thanked participants for bringing “sunshine” into the halls of the UN. 

Emphasising that young people must be included now, not just in the future, she told the audience they were there to do more than talk: “it’s a test of whether we are truly ready to act.”

She shared three messages with delegates, ministers and young leaders:

“First, to delegates and Permanent Representatives in New York: follow through, no excuses. (…) Second, to Ministers and representatives from capital: the discussions here must move beyond this chamber. (…) And last, to young people: keep pushing boundaries. Keep questioning. Keep leading.”

Ms. Baerbock…

U.S. President Donald Trump went into the Iran war convinced that America’s vast oil wealth would insulate the country from the kind of energy shock now battering much of the world. Four weeks into the conflict, that shield is looking fragile.

Trump’s wager has only partly paid off. U.S. oil prices have risen less sharply than those elsewhere since U.S.-Israeli air strikes against Iran on February 28 ignited a regional war that rapidly engulfed the Middle East’s energy infrastructure, blocking the Strait of Hormuz and cutting off roughly a fifth of global oil and gas flows.

Brent crude LCOc1, the global benchmark, has surged about 55% since late February to around $110 a barrel, while U.S. West Texas Intermediate CLc1 has climbed 50% to around $99. The divergence between the two benchmarks recently hit its highest in a decade, excluding a brief spike during the COVID-19 pandemic.

This gap reflects a structural shift in energy markets. The U.S. is now the world’s largest producer of oil and gas and exports more energy than it imports, thanks to the shale boom of the past 15 years. While U.S. refiners still import crude to optimise operations – including some Middle Eastern grades that accounted for roughly 4% of consumption last year –…

“Average spot rates are down this week across all main fronthaul trades out of the Far East. From Far East to US West Coast and US East Coast, it is a textbook market development with falling spot rates coinciding with a slight uptick in offered capacity,” said Peter Sand, Xeneta Chief Analyst.

“It is a different story from Far East to North Europe where offered capacity has decreased week-on-week but spot rates continue to fall. This suggests an even weaker market on this trade.

“2026 is expected to be a year defined by overcapacity in container shipping, compounded by a largescale return of services to the Red Sea. Rising tensions between US and Iran could influence this situation, especially if it threatens Houthi militia resuming attacks on merchant ships in the Red Sea

“Even if there is not a full escalation in conflict between US and Iran, the military posturing and rhetoric from political leaders can influence the security situation in the region and see carriers slow down plans to resume Red Sea transits. If so, this would delay a largescale return of container shipping to the Red Sea and ease the overcapacity headache for carriers deeper into 2026.”

Data highlights

Market average spot rates – February 19, 2026:

– Far East to US…

“Guided by science, we can transform AI from a source of uncertainty into a reliable engine for the Sustainable Development Goals (SDGs),” he said. 

He urged the international community to build a future “where policy is as smart as the technology it seeks to guide.” 

New expert panel 

The Secretary-General noted that “AI innovation is moving at the speed of light, outpacing our collective ability to fully understand it, let alone govern it.”  

He stressed that “if we want AI to serve humanity, policy cannot be built on guesswork,” underscoring the need for “facts we can trust – and share – across countries and across sectors.” 

For this reason, the UN is developing mechanisms that put science at the centre of international cooperation on AI, starting with a recently appointed body that brings together 40 leading experts in the field. 

The Independent International Scientific Panel on Artificial Intelligence aims to help close “the AI knowledge gap” and assess the real impacts these new technologies have across economies and societies so that countries can act with the same clarity regardless of their level of AI capacity. 

Accelerating progress, anticipating risks 

“The Panel will provide a shared baseline of…

HII’s Ingalls Shipbuilding division has successfully completed builder’s sea trials for USS Zumwalt (DDG 1000).

The Ingalls and Navy team conducted a comprehensive series of at-sea tests following an extensive modernization availability as the Navy’s first Conventional Prompt Strike (CPS) platform.

USS Zumwalt, the lead ship of the Zumwalt-class destroyers, arrived at the Pascagoula shipyard in August 2023 for modernization. Shortly after arrival, the ship was moved onto land where the Ingalls team completed major technology upgrades. This included integrating the Conventional Prompt Strike (CPS) weapon system and replacing the original twin 155mm Advanced Gun Systems with new missile tubes. In December 2024, USS Zumwalt was undocked and underwent further preparations for operational readiness.

Additionally, USS Lyndon B. Johnson (DDG 1002) is also undergoing CPS weapon system integration at Ingalls and USS Michael Monsoor (DDG 1001) is scheduled to receive the CPS system during a future availability.

Zumwalt-class destroyers feature a state-of-the-art electric propulsion system, wave-piercing tumblehome hull, stealth design and is equipped with the most advanced warfighting technology and weaponry. These ships will be capable of performing a…