It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Thursday, July 02, 2026
Cameco shuts Cigar Lake mine on Orano mill disruption
Cigar Lake is the world’s highest grade uranium mine and is located in northern Saskatchewan, Canada. Credit: Cameco
Cameco (TSX: CCO; NYSE: CCJ) says it has temporarily suspended operations at its Cigar Lake mine in northern Saskatchewan, citing disruptions at the McClean Lake mill operated by France’s Orano.
The McClean Lake mill, where the Cigar Lake ore is normally processed, has encountered operational challenges with its sulfuric acid plant that caused it to shut down in order to repair the issue, the uranium miner said in a press release on Wednesday.
Orano is currently working to bring the plant back online and is assessing options to obtain acid supply from an alternative source while it waits for replacement parts to complete the repair, Cameco added.
“With limited ore storage capacity at Cigar Lake, we have temporarily suspended mining activities until sufficient acid is available to allow processing to resume at McClean Lake,” Cameco’s statement reads.
Shares of Cameco were little moved during the early hours of trading despite the operational setback. Trading at about $102 a share in New York, the company has a market capitalization of $44.6 billion.
Two-week stoppage
The company expects the McClean Lake mill to resume in about two weeks and does not anticipate an impact on its 2026 production outlook for Cigar Lake, though it did not rule out a longer-than-expected disruption.
Depending on the duration of any additional delays, our 2026 production outlook could be impacted, it said.
McClean Lake represents one of the world’s largest uranium processing facilities, with an annual production capacity of 24 million lb. in concentrates. It is operated by Orano as its majority owner (77.5%) in partnership with Denison Mines (22.5%). The site is located 750 km north of Saskatoon.
Cigar Lake, situated 70 km southwest of the mill, is the world’s highest-grade uranium mine. Since commissioning in 2014, the operation has produced a total of 174.5 million lb. of yellowcake.
CU
BHP seeks to restart Cerro Colorado mine with $1.5B investment
BHP (ASX: BHP) has begun the process to reopen the Cerro Colorado copper mine in Chile, targeting an investment of $1.5 billion to keep the operation running for 20 years.
On Wednesday, the Australian miner said it has applied for a new environmental permit for Cerro Colorado. Located in the Atacama Desert, the mine is part of BHP’s Pampa Norte division in northern Chile that also includes the Spence operation.
The copper mine has been closed since late 2023 after it was denied its water permit following protests by local communities.
In an attempt to restart the operation, BHP said it would explore the use of leaching technologies and desalinated water. Under its application, it laid out plans to use treated wastewater transported through a pipeline of more than 100 km from the municipality of Alto Hospicio to the mine site.
This initiative, according to the company, would enable the mine to run for 20 years. Its total cost is estimated at $1.5 billion.
BHP had previously planned to reboot the Cerro Colorado operation by the end of this decade. The mine represents a small part of its Chilean portfolio, in comparison to the giant Escondida mine and the nearby Spence growth project.
Column: LME metals whipsawed by war and peace in first half of 2026
(The opinions expressed here are those of Andy Home, a columnist for Reuters.)
The early-year euphoria that propelled both copper and tin to record highs was doused by the launch of Operation Epic Fury at the end of February.
The Iran war has dominated the headlines ever since, which has been challenging for traders because the headlines have been so confusing.
The Strait of Hormuz seems to have entered a quantum universe in which it can be simultaneously open and closed, depending on which protagonist is talking at any given point in time.
Schrödinger’s Strait “continues to reopen but it’s patchy, unpredictable, and not fully transparent,” according to Vandana Hari, founder of oil market analysis provider Vanda Insights.
That is an equally good description of the current peace talks, which are taking place in Doha.
Amid the fog of war and peace, the LME Index, a basket of the six base metals traded on the London market, has swung from exuberance to dejection to resilience over the first half, ending the period somewhere in between.
LME Index YTD relative performance
Individual performances have diverged widely, depending on each metal’s sensitivity to the ebb and flow of the Gulf news.
Regional production dropped by an annualized 2 million metric tons between February and May, according to the International Aluminium Institute.
The unprecedented supply shock sent LME three-month aluminum to a four-year high of $3,787.50 per ton at the start of June.
The war premium has since almost completely unwound as the market prices in a return to some sort of normality.
LME aluminum stocks off and on warrant
Part of the new normal, however, is low LME inventory. Combined on- and off-warrant stocks have shrunk to just over 400,000 tons, most of it Russian metal.
Copper confusion
The war has injected another level of confusion into an already confused copper market.
At a macro level, the potential impact on global growth is negative for copper. But on a micro level, the closure of the Strait has created a sulphuric acid shortage, squeezing copper producers using leach technology.
The copper concentrates market, meanwhile, is dysfunctional, with smelter treatment terms collapsing to the point that processors are now relying on everything but copper to make money.
The refined metal market is still on tenterhooks, awaiting a decision on whether US President Donald Trump will impose tariffs. A decision is due any day.
The premium for US delivery continues to suck in metal from the rest of the world.
CME-LME copper arbitrage
Caught between conflicting signals, LME three-month copper has been treading water between $13,000 and $14,000 per ton since the middle of May.
Investors still like copper’s story of structural supply deficit, and there are plenty of super-bulls biding their time in the LME options market.
Zinc surprise
Zinc, which has little direct exposure to the war, has been the surprise performer among the LME pack so far this year.
LME three-month zinc hit a near four-year high of $3,658 per ton in early June and closed the month up 14% from the start of the year, the second-strongest price performance after tin.
The global zinc market was supposed to be in a big supply surplus this year, but the latest assessment from the International Lead and Zinc Study Group is for a small deficit.
The shortfall is concentrated in the world outside China, where smelter production continues to under-perform. China itself is steadily lifting production and is on course to reach a state of self-sufficiency in the near future.
Nickel plays the Indonesian numbers game
Nickel trading has been all about Indonesia and the government’s attempt to rein in its runaway production sector.
Sharp reductions in this year’s mining quotas boosted the LME three-month nickel price to a two-year high of $20,000 per ton in May.
However, growing speculation that Indonesia is set to loosen its mining quotas has sent the price crashing back towards the $16,000-per-ton level.
While Jakarta weighs its options, surplus metal continues to accumulate. LME stocks have topped out, but Shanghai Futures Exchange inventory has just surpassed 100,000 tons for the first time since 2016.
Turbulent tin and oversupplied lead
Tin and lead have been wholly unaffected by events in the Gulf, allowing each to follow its own narrative path.
In the case of tin, this is a bull promise of structural supply deficit in the face of rising demand for the electronic soldering metal.
Tin has been pricing scarcity for many months and was the outperformer of the LME complex in the first half of 2026, with year-to-date gains of 27%.
LME stocks of lead, on and off warrant
Lead , by contrast, is a market weighed down by surplus metal and closed the first half with year-to-date losses of 7%.
Combined LME on- and off-warrant inventory has been hovering around the 500,000-ton mark since the start of the year.
Lead has assumed aluminum’s mantle as the market of choice for inventory financiers, with LME trading characterized by warehouse arbitrage and inventory rotation between on-warrant and off-warrant storage.
That, of course, also speaks volumes about how much aluminum dynamics have changed since the start of the Iran war.
(Editing by Marguerita Choy)
AU
Agnico Eagle suspends Quebec pit mining, flags production hit
Agnico Eagle Mines (TSX: AEM) said on Thursday a rock mass movement occurred along the north wall of the Barnat open pit at its Canadian Malartic complex in Quebec, prompting a temporary suspension of mining operations.
The company said no injuries, equipment damage or environmental impact were reported as a result of the event.
Agnico said the area had previously been identified as geotechnically weaker and was under enhanced monitoring, adding that technical teams are conducting a detailed assessment.
Processing operations at the Canadian Malartic complex will continue in the near term using stockpiled ore, the company said.
The Barnat open pit was expected to be mined out by early 2029, and the company said the incident could reduce production by up to about 150,000 ounces of gold per year in both 2027 and 2028, pending the outcome of its assessment.
Agnico Eagle said Canadian Malartic output in the second quarter of 2026 was not affected, with production expected to be about 845,000 ounces of gold, slightly ahead of plan.
It expects production in the second half of 2026 to fall by roughly 60,000 to 80,000 ounces, which could push full-year output toward the lower end of its forecast range of 3.3 million to 3.5 million ounces.
The miner said it is advancing its assessment and planning a safe restart at Barnat, adding that the disruption does not affect the Odyssey mine or its long-term 1-million-ounce annual production target at Canadian Malartic.
(Reporting by Varun Sahay in Bengaluru)
Ferry Operator Cites EU ETS and Taxes in Plan to Sell Vessels, Stop Routes
Citing the costs of the EU ETS, taxes, and COVID loans, Brittany Ferries will sell two vessels and end two routes (Brittany Ferries)
After more than 50 years of service for cargo and passengers between France and the UK, Brittany Ferries reports it must adapt and reallocate resources. The company reports it is facing large bills in 2026, coming in part from the European Union’s Emission Trading System, as well as a rising tax burden, and repayments of COVID loans.
The EU Emissions Trading System was extended to the maritime transport sector on January 1, 2024. It currently stands at 70 percent of emissions, with the final step-up to 100 percent scheduled to go into effect in 2027. Brittany Ferries highlights that it undertook a large fleet renewal project, including the introduction of two LNG-electric-hybrid ferries, Saint-Malo and Guillaume de Normandie, in 2025.
The company claims to have the “greenest fleet” in the Channel, but it says it still faces significant bills and receives no allowances for the industry-leading investments already made in the fleet. Further, it notes that this is before the UK begins to introduce an equivalent emissions scheme for ships operating in British waters as of July 1.
Brittany Ferries reports it faces a total bill of approximately £27 million (nearly $36 million) in 2026 from the ETS, taxes, and loan repayments. It notes it has already repaid half of the COVID-era loan it was provided when borders were closed in 2020 during the pandemic, while saying the “long tail of crisis continues.” It also cites “unfair competition on the Eastern channel,” and cost-of-living concerns among passengers.
“Brittany Ferries has a track record in adapting its business to long- and short-term challenges,” said Christophe Mathieu, CEO of Brittany Ferries. “We overcame Covid when borders were shut, we continue to wrestle with the consequences of Brexit, and we are taking steps to make a holiday in France or Spain as reasonable as possible.
The company is putting two of its older ferries, Barfluer (1992) and Cotentin (2007), up for sale. It said ships serving Guernsey, Poole, and Cherbourg would be allocated to a more efficient schedule starting November 1.
The route between Poole and Cherbourg will be closed as of November. It will provide daily service from Portsmouth to Cherbourg to make up for the closure.
Citing the subsidized competition on the Dieppe to Newhaven route, the company said it is also looking to close its Portsmouth to Le Havre route as of October. It said it has continued to run the service as long as possible, with legal challenges still pending at the European Union in Brussels. Calling it unfair competition, it said it would have to close the route.
The company said it was working to limit the disruptions to customers and would make refunds available. However, it said it has to be realistic and adapt.
CMA CGM deploys world's largest LNG-powered container ship on Asia-Europe route
Europe is investing in ever larger, cleaner container ships at a time when maritime sovereignty and supply-chain resilience have become strategic priorities.
Europe's strategic push to strengthen maritime trade received a boost on Thursday as French shipping group CMA CGM inaugurated the CMA CGM Notre Dame, the world's largest LNG-powered container ship and the first of a new fleet that will operate on the company's flagship Asia-Europe trade route.
Stretching almost 400 metres—roughly the length of four football pitches—the CMA CGM Notre Dame dominates the quayside in Le Havre. Towering stacks of containers rise above the deck, carrying everything from trainers to cars as the vessel prepares to enter service on one of the world's busiest trade routes.
The vessel measures, which is more than 62 metres wide and can carry up to 24,000 containers, is powered by liquefied natural gas (LNG) and is the world's largest container ship using the fuel.
After its inaugural stop in Le Havre, the vessel is due to leave for Asia on Monday. It will call at Rotterdam, Hamburg, Antwerp, Tanger Med, Port Klang, Singapore, Yantian, Shanghai and Ningbo before returning to Europe, completing the round trip in just over 100 days.
On the voyage to Asia, it carries chemicals, food products, wine and spirits, pharmaceuticals, industrial machinery and luxury goods. On the return journey to Europe, it transports electronics, clothing, household appliances and a wide range of consumer goods. Depending on the cargo mix, the value of the goods on board can reach €2.5 billion to €3 billion.
The CMA CGM Notre Dame is the first of ten ultra-large container ships to sail under the French flag, with the remaining sister vessels scheduled for delivery between 2026 and January 2028.
CMA CGM says expanding capacity on the Asia-Europe route is essential to Europe's economic competitiveness, arguing that recent geopolitical crises have exposed vulnerabilities in global trade.
Compared with conventional heavy fuel oil, LNG produces around 20–25% fewer carbon dioxide emissions, almost eliminates sulphur oxide emissions, reduces nitrogen oxide emissions by up to 85% and cuts particulate matter by around 95%.
However, LNG is not without controversy. It can produce so-called methane slip, where unburned methane escapes into the atmosphere, potentially offsetting part of its climate benefit.
The vessel's 80,000-horsepower engine has also been designed to operate on bio-LNG and synthetic e-LNG once those fuels become commercially viable.
CMA CGM has committed to reaching net-zero carbon emissions by 2050, as the shipping industry comes under increasing pressure to decarbonise.
Engine of the CMA CGM NOtre DameDoloresz Katanich/Euronews
For ships calling at EU ports, including the CMA CGM Notre Dame, the EU's FuelEU Maritime regulation sets progressively stricter limits on the greenhouse-gas intensity of the energy used on board, to reduce it by 80% by 2050.
The vessel also makes extensive use of artificial intelligence, allowing real-time navigation adjustments, optimised energy consumption and improved environmental performance.
Across its fleet, CMA CGM says AI helps save around 600,000 tonnes of CO2 every year by creating digital twins of the vessel, simulating entire routes and selecting the most fuel-efficient options.
Shipping has become a strategic issue for Europe
Recent geopolitical crises, including the Iran war, have served as a reminder that around 80% of global trade by volume travels by sea. When shipping routes are disrupted, supply chains seize up, industries slow down, inflation rises and jobs come under pressure.
In March 2026, the European Union adopted two strategies aimed at strengthening a sector considered vital to the bloc's trade, economic growth, security and defence: the EU Ports Strategy and the Industrial Maritime Strategy. Together, they seek to reinforce strategic ports as energy, logistics and security hubs, strengthen supply-chain resilience, support the energy transition and digitalisation, and boost Europe's shipbuilding and maritime technology industries.
"If global trade has a backbone, it is maritime transport. Europe's ports handle around 75% of the EU's external trade, and the European maritime economy supports around 4.5 million jobs," European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas said during a keynote speech at the Transforming Transportation 2026 conference organised by the World Bank.
Although the CMA CGM Notre Dame was built in China using the French company's expertise, it sails under the French flag, a decision the company sees as reinforcing France's maritime tradition.
The inauguration was attended by France's First Lady, Brigitte Macron, alongside the vessel's godmother, Delphine Arnault, LVMH billionaire Bernard Arnault's daughter, the chief executive officer of Christian Dior Couture.
Arnaultpraised CMA CGM's decision "to sail this ship under the French flag. In an increasingly competitive international landscape, this decision reflects a strong conviction: that France must continue to rank among the world's great maritime powers."
CMA CGM Grows North American Logistics Buying FedEx Supply Chain for $1.4B
CMA CGM will acquire FedEx Supply Chain to grow CEVA's North American logistics operations (CEVA)
CMA CGM, like other major shipping carriers, is continuing its efforts to transform its business into an integrated shipping and logistics operation. On July 1, it announced it had an agreement to acquire FedEx Supply Chain, a subsidiary of FedEx Corp.
Valued at $1.4 billion enterprise value, the acquisition will nearly triple the size of the North American contract logistics operations of CMA CGM’s subsidiary CEVA Logistics. By integrating FedEx Supply Chain, CEVA Logistics will become a leading contract logistics provider in North America. It will have approximately 150 warehouses and a combined workforce of 20,000 people.
Currently, CEVA Logistics is one of the top five global players, operating 1,000 warehouses. It handled 15 million shipments in 2025. The company was acquired by CMA CGM in 2019 and was assembled through acquisitions.
“We are strengthening our ability to provide customers with integrated supply chain solutions,” said Rodolphe Saade, Chairman and Chief Executive of the CMA CGM Group. “These deals also reinforce our long-term commitment to investing in the United States and supporting the resilience and efficiency of its supply chain.”
The acquisition will accelerate CMA CGM’s strategy to provide comprehensive end-to-end logistics solutions. It also expects to enter into multi-year commercial agreements related to air and ocean freight. CMA CGM will become a preferred ocean carrier for FedEx. The companies will also work together on select air cargo capacity solutions.
FedEx stated that the sale aligns with its strategy to focus on high-value verticals. It said it is streamlining its portfolio to better position the business. The sale of the logistics business follows the spin-off of FedEx Freight, completed last month.
The sale of FedEx Supply Chain is expected to close in 2026. The air cargo and ocean freight agreements are expected to be phased in between now and 2028.
CMA CGM has been working to expand its logistics and terminals businesses, growing CEVA. Additionally, Saade had promised Donald Trump during an Oval Office meeting in 2025 to invest $20 billion in the United States over a four-year period.
Gunsan Shipyard to Restart Shipbuilding After Nine Years
The large yard looks to resume building ships after a nine year hiatus (file photo)
Plans to fully relaunch the long-dormant Gunsan Shipyard in South Korea got a boost as the company signed a letter of intent to build its first ships in nine years. The contract was announced concurrently with the closing of the acquisition of the yard by an investment group from HD Hyundai.
The yard had fallen victim to a downturn in the shipbuilding industry nearly a decade ago and never achieved its full potential as an expansion for Hyundai’s shipbuilding operations. The company opened the yard in 2010 to increase capacity and used the yard until 2017, when it suspended the operation, citing the lack of orders. Partial work was resumed at the yard after five years, but it was only being used to build blocks for the main HD Hyundai shipyards.
As part of the reorganization of Hyundai’s shipbuilding operations that also saw it combine its Ulsan and Mipo yards, the company also reported in March that it had agreed to sell the Gunsan yard. The closing of the sale came on June 26 with the launch of a new company, J Ocean Heavy Industries. The company’s largest investor is Echo Prime Marine Pacific, which in turn is part of Dongbu Engineering & Construction. The companies are also investors in HJ Heavy Industries, which is also a partial owner of the new company.
The letter of intent calls for the construction of four 114,000-ton crude oil and petroleum product tankers. They identify the shipowner only as a company in Oceania.
The plan is to operate J Ocean alongside HJ Shipbuilding to provide a large increase in total capacity. HJ is a mid-sized yard that also undertakes repair work but is constrained on the size of vessels. The Gunsan yard has an approximately 700-meter (approximately 2,300-foot) dock and was designed to build 10 to 12 ships a year, including ultra-large vessels.
Under the terms with HD Hyundai, it will continue to build blocks for the company for up to three years. Hyundai is also providing technical support to the yard.
The new owners admit the yard comes with no backlog, which they are presenting as an opportunity for shipowners. While most yards have long waits for building slots, Gunsan has immediate capacity, providing quicker turnaround for orders.
Echo Parime Marine Pacific reports it has already had multiple inquiries for shipbuilders looking for fast delivery. It also comes as the United States continues to expand operations with South Korea. HJ is one of the yards certified to bid for US Navy auxiliary repair and maintenance contracts. It is currently conducting work on the USNS Amelia Earhart, a U.S. Military Sealift Command dry cargo and ammunition ship, and reports that it expects additional contracts to be put up for tender in the coming months.
China Deploys First 16MW Floating Offshore Wind Tension-Leg Platform
China deployed its first 16 MW turbine on a floating tension-leg wind platform (state media)
China continues its developments, placing it at the forefront of the offshore wind energy sector. In the latest development, officials reported deploying the largest tension-leg floating offshore wind platform designed to hold a 16 MW turbine.
The platform was assembled at the Gaolan Port in Zhuhai, south China, and departed on June 28 for its deployment in the South China Sea. The structure stands more than 307 meters (1,007 feet) and weighs almost 8,000 tonnes. It is the largest of its kind, designed to support a single turbine. Once it is operational, it will generate around 54 million kWh annually.
Officials said the deployment is part of China’s accelerated efforts to scale up and commercialize deep-sea floating offshore wind technology. The industry has already conducted several demonstrations, and it is ready to move forward with commercial deployments.
The deployment is also unique as the single turbine will be positioned near the Lufeng oilfield cluster. It is located approximately 250 km (155 miles) southeast of Hong Kong in the South China Sea. It is in an area with a water depth of 330 meters (1,082 feet), and it is prone to tropical cyclones.
The turbine will be providing power to the power grid for the oil field through subsea cables attached to the grid. Norway in 2022 launched a similar application on a smaller scale with an 11-turbine wind farm, Hywind Tampen, which uses 8.6 MW turbines supplying electricity to Equinor’s oil and gas fields Snorre and Gullfaks in the Norwegian North Sea. This will be China’s first installation where it is integrating renewable energy into oil and gas operations.
Chinese officials highlighted that they continue to lead the industry, having, as of May, surpassed a total installed wind power generation capacity of 660 million kilowatts. It is up more than 17 percent year-over-year. The offshore component has reached 47 GW, giving China 78 percent of the newly added offshore wind generation capacity. It currently has more than half the global market in offshore wind power, and plans call for adding as much as 63 GW of additional offshore power generation capacity.
Duke Energy to Sell Back its North Carolina Offshore Wind Area Lease
Trump administration has committed to returning $2.7 billion to buy back offshore wind leases (file photo)
Duke Energy is joining the growing list of companies selling back their offshore wind energy leases to the Trump administration. The company has agreed voluntarily to terminate an area on the North Carolina coast.
Under the terms of the agreement announced today by the Department of the Interior, Duke Energy will be partially reimbursed for its offshore wind lease, which was in a very early stage of development. The company has agreed to redeploy the funds from its Carolina Long Bay wind farm project to additional generating capacity that will serve customers in the Carolinas.
Duke had won the lease as one of two awarded as part of an Atlantic Outer Continental Shelf auction in May 2022, with the other going to TotalEnergies. The Department of the Interior reports the lease is valued at $129 million for the site, which is east of Wilmington, North Carolina. The company had said in 2022 that the area could support up to 1.6 gigawatts of potential offshore wind energy, and projected a timeline for operations between 2030 and 2032.
“Under the agreement, Duke Energy will reinvest nearly $129 million in additional generating capacity, which may include advancing new nuclear and natural gas generation, and grid enhancements to strengthen reliability, support continued growth in the Carolinas, and keep costs as low as possible,” said Kodwo Ghartey-Tagoe, Executive Vice President and Chief Executive Officer of Duke Energy Carolinas.
Unlike the deal with TotalEnergies for the other North Carolina lease and the deals for the leases in California and the northeast, Duke is not required to focus on fossil fuel energy and has to use the funds to benefit the Carolinas. California has been critical of the Trump administration's deals to buy back two of its offshore wind leases, as it notes the companies can redirect the investments to other parts of the country.
California has filed a lawsuit against one of the deals that the administration made to buy back an offshore lease and has begun challenging a second lease buyback deal. A coalition of New England states has also filed a suit challenging the administration’s buyback of TotalEnergies leases.
Today’s deal leaves North Carolina with just one proposed wind area, Kitty Hawk, which is split into two projects. The North site was acquired in 2024 by Dominion Energy from Avangrid and renamed Coastal Virginia Offshore Wind South. It is located approximately 40 miles offshore from North Carolina’s Outer Banks but adjacent to Dominion Energy’s under-construction project off Virginia Beach. Avangrid retained the rights to the southern portion of the lease. Combined, the total lease area has the capacity for up to 2.6 GW.
After losing battles in the courts, the Trump administration started this strategy of buying back the leases. In the middle of June, it announced a deal with Invenergy for four offshore wind leases located in the New York Bight, the Central Coast of California, and the Gulf of Maine, totaling $765 million. In April, a deal was struck with a division of BlackRock to buy back a lease off the New Jersey coast for $765 million and a California offshore wind lease from Ocean Winds for $120 million. The first deal was with TotalEnergies for $928 million for its Carolina Long Bays lease, as well as another off the coast of New Jersey.
The Trump administration has committed to returning $2.7 billion for the offshore wind leases. All the projects were in the earlier developmental stages.
STAX Engineering Gets Bain Capital Financing to Scale Emissions Capture
STAX Engineering, a pioneer in maritime emissions capture and control, today announced a $150 million financing commitment from Bain Capital’s Private Capital Group to fund contracted builds through 2027 and accelerate deployment of its technology to ensure tanker operators have access to service capacity ahead of the January 1, 2027 tanker compliance deadline under the California Air Resources Board’s (CARB) At-Berth Regulation. The financing underscores growing demand for proven emissions-control solutions that can be deployed without operational interruption, building on STAX’s experience with tankers in Southern California since early 2025.
That demand is already materializing in Northern California. STAX’s newest agreement with IMTT will support emissions capture and control services at its Richmond terminal, a bulk liquid storage and logistics facility serving the Bay Area’s maritime energy and industrial supply chain. Together with STAX’s recent agreement with TransMontaigne covering its Richmond and Martinez facilities, the exclusive agreements expand STAX’s Northern California tanker footprint and are expected to support more than 6,400 at-berth service hours through 2031. The agreements reflect growing adoption as terminals move from compliance planning to signed contracts.
“We’re seeing strong momentum from tanker operators who are adopting emissions capture and control as their path to compliance,” said Mike Walker, CEO of STAX Engineering. “With over 2,700 completed vessel calls, STAX is already operating at scale and is the market leader in tanker emissions capture. With this financing, we can build the capacity needed to serve our Northern California tanker customers and continue scaling a solution that works.”
Bain Capital is serving as the sole financing partner on the transaction, which refinances STAX’s existing debt and provides new capital investment to complete contracted builds through 2027. Bain Capital’s backing brings STAX institutional support and deep growth-stage expertise as it moves toward broader infrastructure deployment across California’s ports, and provides near-term capital certainty while maintaining flexibility to scale funding as needs grow.
“We have been impressed by Mike and his team’s execution capabilities, the strength of STAX’s customer relationships, and the role its technology can play as ports and vessel operators invest in cleaner at-berth operations,” said David Healey, a managing director at Bain Capital. “STAX has demonstrated strong traction in a market facing increased complexity and we are pleased to support the company in this next phase of growth.”
With operations in the Ports of Benicia and Oakland since 2024, STAX is deepening its Bay Area presence through the new IMTT agreement at the Port of Richmond. The expansion positions STAX to serve a critical tanker corridor and establish a regional hub for emissions capture and control services in Northern California. The broader Carquinez Strait corridor accounts for roughly 400 tanker vessel visits and more than 9,600 at-berth hours annually, highlighting the need for emissions-reduction infrastructure that can work within existing port and terminal operations.
“As IMTT continues to invest and grow its renewable fuels portfolio, leveraging technology to control emissions will remain an essential element of our construction and operating strategies,” IMTT Vice President of Environmental, Health, Safety and Security Traci Johnson said. “Our agreement with STAX gives us added confidence that we can continue to grow and thrive in the energy transition and seamlessly meet California’s evolving compliance standards.”
While shore power supports many vessel types, tankers present a more complex challenge: sensitive cargo, non-standardized connection points, and explosion-proof electrical requirements can make plugging in difficult or impossible. STAX’s barge-based system was built for these operational realities, providing a path to emissions capture without vessel modifications, berth-specific infrastructure, or disruption to cargo operations. After beginning tanker service testing in early 2025, STAX received CARB’s tanker Executive Order in August 2025, making it the first emissions capture and control fleet authorized to service all three major vessel types in California: container ships, auto carriers, and tankers.
STAX already supports tanker operations in Southern California at the Ports of Long Beach and Los Angeles through agreements with customers including Olympus Terminals and Shell. By connecting directly to exhaust stacks from the water, STAX captures up to 99% of harmful emissions while allowing vessels to continue normal operations at berth.
The products and services herein described in this press release are not endorsed by The Maritime Executive.
