Tuesday, July 07, 2026

 

Mine operators face worsening wildfire seasons  


Fighting the Pocket Knife Creek wildfire in northeastern British Columbia in June, 2025. Credit: BC Wildfire Service

With drought conditions persisting across parts of British Columbia and forecasters calling for a warmer-than-average summer amid a looming ​​El Niño, mining companies are preparing for a wildfire season that could test operations across Western Canada.  
 
Some areas of the province experienced below-normal snowpack and limited spring precipitation, variables that can elevate wildfire risk, Forrest Tower, spokesperson for the B.C. Wildfire Service, said in an interview.  

“We’re not seeing as many early wildfire starts this year as we have for the past three years,” Tower said. “It could take a two-day period with a large number of ignitions and from that point on, that’s basically what we’re dealing with for the rest of the summer.” 
 
This year’s El Niño, a climate pattern where Pacific Ocean surface temperatures warm up, is predicted to be very strong and significantly alter weather, amplifying drought and warm winds, which contribute to a more intense wildfire season, according to a seasonal outlook released in June by Environment and Climate Change Canada.  

“Once we have fire on the landscape, then all the other conditions come into play, and it just makes those fires more difficult to put out,” Tower told The Northern Miner.

The B.C. Wildfire Service identified several areas of concern, including the Chilcotin, Cariboo and Thompson-Okanagan regions. Teck Resources (TSX: TECK.A/TECK.B; NYSE: TECK) operates the Highland Valley Copper project in the Thompson-Okanagan area, 17 km west of Logan Lake and 50 km southwest of Kamloops.

“We closely monitor wildfire risks across our operations and have comprehensive management plans in place, with employee health and safety being the top priority,” the company said in an emailed statement to The Northern Miner about the compounding effects of El Niño in the back half of the year. The Vancouver-based miner had to suspend operations at the project in August 2021 due to wildfire risk and an evacuation order issued by the District of Logan Lake.

Growing concern

Wildfire seasons in Western Canada have intensified over the past five years, culminating in the record 2023 season when more than 2,240 fires burned about 2.84 million hectares in British Columbia, while Alberta recorded over 1,080 fires. Saskatchewan had roughly 500 wildfires that year.  

“Typically, what happens in seasons [like 2023] is we’ll have two to three weeks of really stable air mass over some parts of the province,” Tower said. “Then we’ll have a breakdown of that air mass, a big lightning storm, and hundreds of ignitions.”

While the wildfire risk has always existed, 2023’s record season marked a turning point for miners, Raul Munoz, mining leader at risk adviser Marsh, said by phone. “It shifted the discussion from occasional perils that would happen to now something that is being discussed at more of a board level,” Munoz told The Northern Miner.

“Wildfires can significantly affect operations even when the fire doesn’t touch the site,” Munoz said. 

While 2023 was particularly intense, many wildfire seasons have triggered widespread evacuations, major highway closures and disruptions across key resource corridors.

In B.C., Artemis Gold (TSX-V: ARTG) evacuated all non-essential personnel in 2023 and 2024 from its Blackwater gold and silver mine due to regional wildfires. Osisko Development (TSX; NYSE: ODV) temporarily paused non-essential activities at its Cariboo Gold project in B.C. and removed staff following a local wildfire evacuation order in 2024. In 2021, Cameco (TSX: CCO; NYSE: CCJ) evacuated all non-essential personnel from the Cigar Lake uranium mine in northern Saskatchewan in response to wildfires. 
 
As wildfires intensify, they’re increasingly disrupting access roads and power infrastructure. That pressure is creating operational bottlenecks that are influencing mine planning, emergency preparedness and capital allocation decisions.

Business interruption

Power reliability has become a growing concern. Many remote operations rely on long transmission corridors that can be vulnerable to wildfire activity far from the mine itself. Even if a site remains outside an evacuation zone, damage to power infrastructure can interrupt production and affect critical systems, Munoz said.  
 
As a result, some companies are evaluating backup generation capacity and other contingency measures to maintain essential services during prolonged outages. BC Hydro also uses preventative measures alongside regular inspections, including applying fire retardant or fire-resistant steel-mesh pole wraps coated with heat-activated barriers. 
 
The disruptions have also attracted attention from insurers. The 2023 Okanagan and Shuswap wildfires cost Canadian insurers over $720 million. The 2024 Jasper wildfire’s insured losses were estimated at $1.3 billion. 
 
Insurance providers are increasingly asking companies detailed questions about wildfire exposure and preparedness, similar to the scrutiny environmental, social and governance issues received several years ago, Munoz said.  
 
While coverage remains available, insurers are paying closer attention to business continuity planning, emergency response procedures and how companies assess climate-related risks.  
 
Those risks extend beyond fire, Munoz said. He points to the drier, hotter conditions created by ​​El Niño. “We’re starting to see that temperature rise across the world, particularly in some of the northern latitudes,” he said. “How is the company dealing with rising temperatures for staff and working conditions outdoors?”

Designing for fire

The growing focus on wildfire risk is changing how mining projects are planned, built and operated.  
 
“[Wildfire mitigation] starts back in the planning of a new facility,” Rob Carter, senior principal risk assessor at engineering firm WSP Canada, said. “Don’t build it halfway up a slope . . . fire goes up slopes. You want to be at the top, set back from the ridge.”  
 
Natural barriers like lakes, rivers and mountain ridges, as well as human-made barriers like hydro and pipeline cut lines, are also being factored into project development plans to protect facilities against wildfires. Distance between buildings, materials used, and design are also being influenced by the growing threat.  
 
“Don’t have complicated roof systems because that’s where embers and debris will start to accumulate,” Carter said. “If we get these ideas in early to put a steel roof on versus an asphalt roof, the cost is minimal. We’re trying to save them from having to make those choices later.” 
 
The other side of risk assessment is looking at when a company’s operations might be a direct cause of the wildfire. It often involves identifying planned periods of higher energy draw during the drier part of the season, and where energy systems might be close to dry vegetation.  
 
“We can’t forecast out years, but at least now, maybe weeks out, we can start budgeting where maintenance should happen,” Carter said. “We can start looking at vegetation management and maybe pre-position crews based on the probability of something happening next week.”

Compounding risk

“Climate change is a modifier of risks,” Sean Capstick, principal and senior climate change specialist at WP, said. Capstick worked with the Mining Association of Canada in 2020 to develop guidance on climate adaptation for mine infrastructure.

As part of the association’s guidance, Capstick said it’s imperative that mine operators ask themselves what’s a future risk and what mitigation or resilience activities are critical now. Capstick said the Canadian Centre for Climate Services recently released a tool forecasting the climate’s normal for the next 30 years, which mine operators can use to see how far out of the normal range the regional temperature will be.

“You want to say what are my decade projections for fire? Am I still okay?” Capstick said. “It’s too late to say, what am I going to do for this season? You’re going to be reacting.”

 

CATL secures safety permit to restart production at flagship lithium mine


CATL’s headquarters in Ningde, in China’s Fujian Province. (Image courtesy of CATL.)

China’s CATL has obtained a safety production permit for its flagship Jianxiawo mine, clearing a key regulatory hurdle to restart production following a suspension that lasted nearly a year.

The Chinese battery giant secured the permit on June 29, which would be effective until February 27, 2028, according to information posted on Credit China, a state-run website tracking corporate and individual compliance.

In August, CATL said it had suspended operations at the Jianxiawo mine in eastern China’s Yichun city when its previous license expired.

The halt triggered a temporary surge in the prices of lithium futures and lithium-miner stocks, while sparking speculation about a broader Chinese crackdown on supply to rein in excess capacity.

CATL had to tap external suppliers for lithium ore after the mine closed, Reuters reported in October, citing sources with direct knowledge of the matter.

The Jianxiawo mine has an annual production capacity equivalent to about 46,000 metric tons of lithium carbonate, accounting for 3% of 2025 global output, according to data from the Australian government.

(Reporting by Ethan Wang and Lewis Jackson; Editing by Tom Hogue and Thomas Derpinghaus)

 

Lynas, South Korean magnet maker sign deal for Malaysia factory


Australia’s Lynas is the only major producer of separated rare earths outside China. (Image courtesy of Lynas Rare Earths.)

Lynas Rare Earths said on Tuesday it has signed a partnership deal with South Korea’s JS Link to develop a magnet factory in Malaysia.

The Australian rare-earths producer will also supply rare-earth materials to JS Link’s magnet factory in South Korea and the planned factory in Malaysia until January 2038.

The partnership follows a magnet manufacturing deal between the two companies last year.

Under the latest deal, JS Link will establish a magnet factory in Kuantan, Malaysia, with an operating capacity of 3,000 tonnes per annum of neodymium-iron-boron (NdFeB) permanent sintered magnets. Lynas said it will invest around A$50 million ($34.78 million) in JS Link shares to support the development of the facility.

The produced magnets will supply automotive, wind energy and electronics manufacturing supply chains in key markets including Korea and Malaysia, Lynas added.

The company expects the Kuantan magnet factory to create up to 400 new jobs.

Meanwhile, Malaysia said on Monday it would review a $96 million rare-earths supply deal signed earlier this year between Lynas, the operator of one of the world’s largest rare earths processing plants located in the Southeast Asian country, and the U.S. Department of Defense.

The four-year deal has faced protests, with some rights groups accusing Lynas of supplying materials for U.S.-made weapons used by Israel in its war against Hamas in Gaza.

Muslim-majority Malaysia has long been supportive of the Palestinian cause and does not have diplomatic ties with Israel.

Vale chairman Stieler pushed out by pension fund

Stock image.

Brazilian miner Vale said on Monday chairman Daniel Andre Stieler resigned from the role and from his seat on the board of directors, starting immediately.

The resignation came after pension fund Previ pushed Vale to call a shareholder meeting to vote on his removal. The meeting was scheduled for July 22.


Following the resignation, Vale canceled this agenda item of the shareholder meeting, the miner said in a securities filing.


The remaining subjects of the meeting, which include the election of a new chairman, remain unchanged for deliberation by the shareholders, Vale said.

Previ, which manages pensions for employees of state-run lender Banco do Brasil BBAS3.SA and has a 7% stake in Vale, has supported current board member Manuel Oliveira as chairman.

Stieler was Vale’s chairman since 2023, and a board member since 2021.

AU

China’s top ETF is now gold, not stocks


Stock image by pla2na.

Central banks just made their second-largest monthly purchase of the year. China’s biggest ETF is now a gold fund. And Citi just took a seat inside global bullion clearing. All three signals landed within five days of each other.

In the space of one week, three separate parts of the global financial system all moved in the same direction: official central bank reserves, Chinese domestic capital markets, and Western bullion-trading infrastructure.

The official number: central banks bought 41 tonnes in May

New data from the World Gold Council shows central banks added a net 41 tonnes of gold to reserves in May 2026, which was the second-highest monthly total of the year, behind only February. Poland led with 18 tonnes, China added 10 tonnes (its largest single-month increase since December 2024), and Uzbekistan and Kazakhstan continued their own accumulation. Singapore returned as a net buyer for the first time since September 2025, adding 4 tonnes. Turkey and Russia were the only net sellers, trimming a combined 9 tonnes.

The year-to-date scenario reinforces the trend rather than complicating it. Poland has now added 64 tonnes in 2026 alone, pushing its reserves to 614 tonnes as it closes in on a stated 700-tonne target. China’s 25 tonnes of buying this year marks its 20th consecutive month of accumulation, lifting its official reserves to 2,331 tonnes, about 9% of its total reserves. Uzbekistan has added 33 tonnes YTD, and gold now makes up an extraordinary 87% of its total reserves.

What matters most may not be what’s already happened, but what central bankers say is coming next. The WGC’s ninth annual Central Bank Gold Reserves Survey found that 89% of central bankers expect global gold reserves to rise over the next 12 months. A record 45% said they expect their own institution’s reserves to increase (up from 43% last year and just 29% two years ago.)

The domestic signal: China’s biggest ETF is no longer an equity fund

Away from central bank vaults, a separate and arguably more striking shift has been playing out inside China’s own capital markets. According to Bloomberg, the Huaan Yifu Gold ETF overtook the Huatai-PineBridge CSI 300 ETF – long one of China’s flagship equity funds – to become the country’s single largest exchange-traded fund of any kind, with roughly 90 billion yuan in assets against the CSI 300 fund’s 83 billion.

That is more than a league-table curiosity. For years, China’s largest ETFs were overwhelmingly tied to broad equity benchmarks, reflecting both investor faith in domestic growth and the periodic presence of state-backed support in the stock market. A gold ETF moving to the top of that list suggests the preference is no longer simply for market beta, but for insulation. It also matters because Chinese investors do not face the same menu of escape routes as global allocators. Capital controls limit offshore diversification, the property market remains impaired, bank deposit yields are low, and domestic equities have struggled to rebuild confidence. In that setting, a liquid, exchange-traded gold product becomes a particularly clean vehicle: it offers a hedge against currency weakness, financial repression, and policy uncertainty without requiring investors to move money out of the country. The symbolism is hard to miss. Gold is no longer just something held in bars by the People’s Bank of China or bought as jewelry by households. It is now sitting at the center of China’s modern ETF market, displacing the country’s most important broad stock-market proxy.

The timing is not incidental. The flip comes as Beijing’s so-called “national team” appears to be pulling back the support of state-linked funds that have repeatedly stepped in to prop up Chinese equities during periods of market stress. As official buying continues underneath, ordinary Chinese investors and domestic institutions are independently choosing gold over the stock market, at the exact moment the state’s own backstop is fading.

Put together, the central bank data and the ETF flip describe the same phenomenon at two different altitudes: official reserves and private domestic capital are both rotating toward gold, in response to what looks like the same set of pressures.

The infrastructure signal: Citi buys into the plumbing

The third piece landed almost unnoticed by comparison. Citi has become the fifth bank admitted to clear transactions in London’s over-the-counter gold market – the world’s largest bullion trading hub, worth roughly $160 billion a day – joining HSBC, ICBC Standard Bank, JPMorgan and UBS in the London Precious Metals Clearing Limited (LPMCL) network. It’s the first new entrant to the clearing group in a decade.

“Citi and the London Precious Metals Clearing Limited (LPMCL) today announce Citi’s admission as a clearing member of LPMCL, adding Loco London settlement services for gold, silver, platinum and palladium,” Citi said in a release.

“The addition of Citi as a clearing member of LPMCL demonstrates the openness and transparency of our membership process, allowing new entrants to join and participate in the clearing and settlement of the predominate global over the counter precious metals market,” said James Cressy, Chair of LPMCL.”

Taken in isolation, a bank joining a clearing network is a back-office story. Taken alongside the same week’s central bank and ETF data, it reads differently: a major Western financial institution securing a direct role in gold-market settlement infrastructure at the precise moment official and Chinese domestic capital are both moving the same way. It suggests at least one large institutional player sees this rotation as durable rather than a short-term positioning trade.

Why it matters for investors

None of this requires a view on where the gold price goes next week. The signal here is structural. Sovereign reserve managers, Chinese private capital, and global bullion-market infrastructure are all moving toward gold simultaneously, driven by forces that reinforce, rather than simply mimic, one another.

Whether this accelerates into a broader shift away from dollar-denominated reserve assets (as some macro strategists have argued) or simply marks a particularly convergent month, is something only time will resolve. But for an investor trying to separate durable structural change from noise, three unconnected systems moving in the same direction in the same week is a considerably stronger signal than any one of them alone.

Genesis trumps Regis with $3.9B takeover bid for Vault


Genesis has operations in the prolific Leonora district of Western Australia. (Image courtesy of Genesis Minerals.)

Genesis Minerals (ASX: GMD) has upended Vault Minerals’ (ASX: VAU) planned merger with Regis Resources (ASX: RRL), winning the target board’s backing for a A$5.6 billion ($3.9 billion) cash-and-stock takeover that would create one of Australia’s largest gold producers.

Vault’s directors unanimously determined Genesis’ proposal was superior to the all-stock agreement reached with Regis in May because it offers a 14.5% premium, the company said Monday. 

Regis now has five business days to submit a matching proposal. 

Under Genesis’ offer, Vault shareholders would receive 0.7629 Genesis shares and A$0.475 in cash for each Vault share, valuing the company at A$5.274 a share. Genesis shareholders would own about 60% of the combined company, which is expected to produce roughly 700,000 ounces of gold a year.

“What we think has been a dance three or four years in the making,” MA Financial Group managing director of equities Paul Hissey said in a note. “Industrial logic and clear operating synergies appear to have won the day.”

The transaction would unite neighbouring operations across Western Australia’s Goldfields, including Vault’s King of the Hills mine and Genesis’ nearby assets, giving the combined company five producing mines and shared processing infrastructure. 

Industry consolidation

The deal also underscores the accelerating consolidation sweeping the global gold industry as record bullion prices reward scale, lower operating costs and longer mine lives.

Recent transactions include Northern Star Resources’ (ASX: NST) acquisition of De Grey Mining, Gold Fields’ (JSE: GFI) purchase of Gold Road Resources and Ramelius Resources’ (ASX: RMS) merger with Spartan Resources.

Hissey said the enlarged company could itself become a takeover target for larger global producers seeking greater exposure to Australia’s premier gold district.

Regis said it was reviewing the competing proposal and declined further comment. Vault shares rose 11.6% to A$5.09 on Monday, while Genesis fell 4.1% to A$6.03.

 

South32’s Arizona $2 billion zinc and manganese mine to get US approval


The Hermosa project in Arizona. Reference (Image courtesy of South32.)

The Trump administration is set to authorize South32 Ltd.’s planned $2 billion zinc and manganese mine in Arizona on Tuesday.

The Agriculture Deprtment’s US Forest Service plans to issue a record of decision greenlighting the project near the Mexico border after the Trump administration gave it fast-track permitting, according to a statement from the agency seen by Bloomberg. The project was the first mining project to win expedited treatment from the Agriculture Department, after the Federal Permitting Improvement Steering Council designated it for swift review.

The critical minerals project contains one of the world’s largest undeveloped zinc deposits as well as other key minerals essential for steel and the production of large-capacity batteries, the Agriculture Department said. 


The fast-track approval dovetails with President Donald Trump’s second-term goal of boosting US supply chains and lessening the country’s reliance on China for critical minerals that are essential to manufacturing consumer goods and advanced energy technology.

“The Hermosa Critical Minerals Project shows how increasing domestic production can reduce our dependence on vulnerable foreign sources, and power modern industries, advanced technologies, and essential infrastructure,” Agriculture Secretary Brooke Rollins said in a statement. 

Australia-based South32 has said the mine, located in the Patagonia Mountains about 80 kilometers (50 miles) southeast of Tucson, Arizona, will reach full production by 2029.

Under its expedited review, the mine is securing approval two months ahead of a deadline under federal environmental law. That demonstrates the Trump administration’s commitment to to getting these projects online responsibly and quickly, the Agriculture Department said. The project was first nominated for fast-track consideration under former President Joe Biden.

South32 is aiming to prioritize domestic and regional smelters for copper extracted from the site. Currently, China dominates the world’s zinc smelting capacity, and the US depends heavily on imports of processed metal.

 

Mining districts could unlock billions in value: study


Collahuasi is the world’s sixth largest copper mine. (Image courtesy of Anglo American.)

Mining companies could unlock billions in additional value by treating nearby operations as integrated mining districts rather than standalone assets, according to a study by GEM Mining Consulting.

The firm’s second Perspective report introduces the District Potential Value Index (DPVI), which ranks mining districts by their ability to generate and sustain long-term value. It evaluated 49 districts worldwide after narrowing an initial database of 1,641 mines and projects, finding that economic scale, shared infrastructure and operational coordination matter more than geographic proximity alone.

“The industry can no longer afford to evaluate mines in isolation,” Juan Ignacio Guzmán, CEO of GEM Mining Consulting, said. “The greatest opportunities increasingly come from connecting nearby operations through shared infrastructure, coordinated development and long-term territorial planning, allowing companies to capture value that individual assets cannot achieve alone.”

The findings suggest the industry’s next competitive advantage may come from collaboration rather than discovery. As ore grades decline and permitting, water and social constraints become more challenging, companies that share infrastructure and coordinate regional development could improve productivity, lower costs and extend mine lives.

Global leaders

Among the highest-ranked districts are Australia’s Altura-Pilgangoora lithium district, Chile’s Collahuasi-Quebrada Blanca and Andina-Los Bronces copper districts, Poland’s Lubin-Polkowice-Sieroszowice-Rudna copper district and Argentina’s Salar de Olaroz-Cauchari Olaroz lithium district. 

The study found Oceania leads globally because it combines large resource endowments with strong social performance and relatively manageable environmental constraints, while Chile’s northern copper districts demonstrate how established infrastructure and operational continuity can create enduring competitive advantages.

The report also cautions that geology alone is no longer enough. Districts with substantial mineral resources may still struggle to create value if water scarcity, permitting uncertainty, social conflict or weak governance prevent companies from coordinating development. Conversely, stable jurisdictions without sufficient economic scale may offer limited opportunities despite favourable regulatory conditions.

“Proximity creates the opportunity, but it does not create value by itself,” Guzmán said. “Successful mining districts require economic scale, operational compatibility and the ability to sustain development over decades through effective environmental and social management.”

Rather than ranking districts simply by resource potential, the DPVI separates them into strategic categories, identifying mature districts ready for integration, emerging districts that require further investment and clusters that remain too fragmented to justify coordinated development. GEM says the approach could help miners prioritize acquisitions, infrastructure investments and long-term regional planning as global demand for critical minerals continues to rise.

Israeli Defense Ministry Comes Out Against Sale of Zim to Hapag-Lloyd

Zim containership
Opposition is building in Israel to the sale of Zim to Hapag-Lloyd and an Israeli investment firm (Haifa Port)

Published Jul 6, 2026 12:02 PM by The Maritime Executive

Opposition continues to mount in Israel to the agreed sale of Zim to Hapag-Lloyd and the formation of a smaller domestic shipping company by an investment fund. Israel’s Defense Ministry issued a statement late on Sunday saying the deal does not adequately safeguard the security interests of Israel, while media reports said Prime Minister Benjamin Netanyahu said the sale is not currently on the government’s agenda.

Israel’s Defense Ministry Director of Security Almog Cohen conducted an extensive review of the transaction and issued the opinion, which was adopted by the Defense Ministry. According to the report by the Israeli media outlet Calcalist, the Defense Ministry’s concerns center on the new Zim, which it sees as a limited shipping company. It believes the new company’s routes would be confined to the Mediterranean, significantly reducing access to the United States and the Far East.

Israel received military equipment and support from the United States and has developed supply relationships in the Far East. The review raised concerns about maintaining these supply chains and the “implications for Israel’s maritime independence.” It notes that during the war in Gaza, Israel faced shipping boycotts, sanctions, and trade restrictions, and without Zim, maintaining supply chains could be a problem

Under the terms of the sale agreement, Hapag would acquire the international services and most of Zim’s vessels, which operate under long-term charters. A small fleet of Zim-owned vessels would be maintained by the new company formed by investment firm FIMI. Others have questioned the financial strength of the new company and its ability to remain a going entity with limited routes.

Another concern that has been voiced in the past is the large investments in Hapag-Lloyd by the sovereign funds from Qatar and Saudi Arabia. Calcalist also reports that the Chilean government, which has taken a critical stance against Israel, is also among Hapag’s investors. The Ministry of Defense reportedly expressed concern that the shareholders could pressure Hapag during a future military conflict.

Israel’s Defense Minister, Israel Katz, also pointed out that the state continues to hold its Golden Share in Zim. Among the provisions, it can block a change of control of the company or the sale of assets.

Media reports said the Prime Minister responded to questions during a meeting of the Israeli parliament, saying review of the proposed transaction is currently “not on the agenda.” Media reports indicate that Hapag and Zim are preparing data from the government review, which would be required for approval and completion of the deal.

The Defense Ministry joins Israel’s Agriculture, Economy, and Transportation ministries, which have also announced opposition to the sale. Israel’s Shipping Authority has also announced its opposition, and on Sunday, the union representing Zim employees thanked the prime minister and defense ministry for joining the opposition. It said the government is taking an “unambivalent stance on the side of the Israeli economy and national strength.”

Ishay Davidi, the Chairman, CEO, and founder of FIMI Opportunity Funds, has repeatedly said the new Zim would meet all the obligations to the country and would be a strong shipping partner. Hapag has not commented on the apparent growing opposition to the acquisition.

 

Panama Canal Plans Two More Decreases in Neopanamax Draft Levels

Panama Canal
Currently, the limits are for the Neopanamax locks which handle the largest vessels (ACP)

Published Jul 6, 2026 12:34 PM by The Maritime Executive


After taking what was called a preemptive step in June to lower the maximum drafts of vessels, the Panama Canal Authority announced it will step down the draft levels in two stages in July and August. It is attempting to plan and manage water levels as forecasters continue to expect one of the most severe El Niños in recent years.

In an announcement dated July 1, the Panama Canal Authority reports the steps are part of a water management strategy. It says it is closely monitoring water levels in Gatun Lake, which is the primary reservoir of the canal’s operations.

The maximum draft for the largest vessels, which transit the Neopanamax locks, will be lowered another half a foot on July 24 to 49 feet. It further anticipates lowering the draft another half a foot on August 15 to 48.5 feet. It is falling from the normal 50-foot draft, which had been maintained this spring. 

While the restrictions are starting, they are less significant than during the prior drought in 2022-2023, when they announced repeated steps lowering the draft to the 43-to-44-foot range and going to a low of 38.5 feet. The restrictions leveled off, but instead, the number of daily transits was lowered. 

The result of the restriction last time was growing backlogs and skyrocketing bids in the auction for booked slots. Large gas carriers diverted around South America while larger containerships offloaded boxes to be transshipped across the Isthmus.

The authority hopes to avoid some of the disruptions by acting early in the management cycle. Its online dashboard shows the operations are currently running smoothly. There are 10 ships without reservations waiting as of July 6, while 65 ships with booked slots are standing by off the canal’s terminuses. Currently, the waiting time for non-booked vessels is 4 days Northbound, which is down from a peak of 11.5 days last month. Southbound, the waiting time is 1.8 days, down from a peak of 15 days in June.

Volume at the canal surged this year after the closure of the Strait of Hormuz and the disruptions in the region. There were reports of record prices being paid at the auction of available transit slots.

The Panama Canal Authority says it appreciates the continued understanding and cooperation of the maritime community.

 

Boskalis Repurposes Mining Ship to Largest Subsea Rock Installation Vessel

rock installation vessel
Boskalis repurposes a vessel to become the largest rock installation vessel (Boskalis)

Published Jul 6, 2026 6:28 PM by The Maritime Executive

Maritime services company Boskalis celebrated the commissioning of its new vessel Windpiper, which is the largest subsea rock installation vessel. It is an interesting example of creative reuse of an existing vessel, which the company says draws on its track record in converting existing ships for new purposes.

Built in 2018 as the Mac Goliath, and later as the Nautilus New Era, the nearly 50,000-gross ton ship was designed to support offshore mining and deep-sea mining. The ship was built in China, but the original owners encountered financial difficulties, and the ship remained incomplete. Boskalis acquired the vessel in 2025 with the intent to repurpose it to support the offshore industry and specifically target offshore wind farms.

 

 

The massive ship measures 227 meters (745 feet) and is nearly 69,000 dwt. The ship was outfitted with installed power exceeding 31,000 kW. The ship is equipped with seven thrusters and DP2 positioning capabilities. It also has accommodations for up to 100 people, so in addition to its crew, it can carry project representatives and others.

In the redesign, Boskalis created two holds with a total capacity of 45,500 tons. It includes a moonpool for the fall pipe installation and features an inclined fall pipe. 

The vessel doubles Boskalis’ rock installation capacity. Further, it says the ship with its large capacity offers unique advantages as it can travel long distances between rock loading and the project site. It will be able to make fewer round trips, saving on costs and installation time.

The christening took place in Rotterdam at the end of last week. This ship was also opened for public visits before its begins operations.

 

HII Adds Another Workboat Shipyard to its Unmanned-Vessel Program

A prototype Romulus hull under construction at Breaux Brothers (HII)
A prototype Romulus hull under construction at Breaux Brothers (HII)

Published Jul 6, 2026 10:04 PM by The Maritime Executive

In the latest sign of the growing opportunities for smaller shipyards in the unmanned-systems sector, Huntington Ingalls Industries has contracted with a second Louisiana-based workboat yard to build its Romulus USV platform. 

Romulus is a fast, midsize USV designed to meet the Navy's MUSV program requirements: a containerized-payload carrier with a capacity of two FEU and a range of 2,500 nautical miles. It was one of seven competing designs approved to enter the "prototype evaluation phase" of the MUSV competition in May. Other competitors include Leidos, Sea Machines/St. Johns Shipbuildng, Saronic, Galliano Marine Services (Chouest), PacMar Technologies and Birdon. Those who past the Navy's underway test will receive $15 million and will be approved for follow-on production. 

To build Romulus at scale, HII set up a construction partnership with Breaux Brothers Enterprises, an aluminum-construction crewboat yard outside of New Iberia. Breaux Brothers is known for high-speed fast supply vessels, crewboats, passenger vessels, pilot boats and other working vessels; HII designed Romulus in partnership with the small yard in order to take advantage of commercial-standard hull construction methods, making the USV easily reproducible in existing small shipyard settings. HII announced in March that it would support construction of a dedicated Romulus "assembly line" facility at Breaux Brothers, centered on automated processes for high efficiency. 

"Romulus is engineered from the outset for scale," HII executive vice president Andy Green said earlier this year. "By aligning design, autonomy, and manufacturing, we are creating a production model that delivers predictable outcomes and positions us to meet growing demand for autonomous maritime capability."

In addition to Breaux Brothers, HII has now agreed to work with Halimar Shipyard to expand production of the Romulus 151. Halimar is emblematic of the promise of the Navy's new interest in USVs: it is a commercially-focused small yard in Morgan City, the historical center of the offshore oil and gas industry. Typically engaged in construction and repair for the marine towing, dredging and offshore-vessel industries, it does not have a high profile in the defense world but is known for delivering quality workboats. This puts it in good company with other new USV competitors, like Breaux Brothers, Chouest, St. Johns Shipbuilding (with Leidos) and Conrad Shipyard (with Blue Water Autonomy). 

“We are proud to partner with HII on the Romulus program and contribute to the future of autonomous maritime operations,” said William Hidalgo Jr, executive vice president and chief operating officer, Halimar Shipyard. “Our team has decades of experience building high-quality vessels, and we look forward to applying that expertise to help deliver reliable, scalable production capacity that supports evolving mission needs.”


Lockheed Buys Sub-Hunting Sonar Firm

Ultra Maritime


Ultra Maritime's Sea Spear, a covertly-deployable seabed sonar array for hunting submarines (Ultra Maritime)

Published Jul 6, 2026 
 by The Maritime Executive


American private equity firm Advent has exited its investment in British subsea acoustic sensing company Ultra Maritime, selling the sonobuoy and sonar maker to Lockheed for $3.45 billion - within the approximate range of the price paid for its purchase and improvement, after accounting for inflation.

In 2022, Advent secured UK government permission to buy Ultra Electronics, acting through Advent's UK-based subsidiary Cobham. The $3.1 million deal gave Advent access to sophisticated sonar technology and a team of experienced anti-submarine warfare engineers. The UK green-lit the proposal, with the understanding that the facilities that supply cutting-edge subsea technology to the Royal Navy would remain in place and under separate governance.

"When we invested in Ultra Maritime in 2022, we saw a business with mission-critical technology . . . but one that had been underinvested and was not yet fully delivering for its customers," said Shonnel Malani, Managing Partner at Advent. "Ultra Maritime is now a stronger, more innovative partner to allied navies."

The sale is meaningful for the U.S. Navy, the Royal Navy and their allied partners, as it puts Lockheed in control of some of the most innovative submarine- and UUV-hunting equipment on the market. Ultra has a portfolio of hull-mounted sonars, towed sonar arrays and advanced sonobuoys, all required equipment for ASW. It is the only maker of G-size sonobuoys, built extra-small for deployment from unmanned aircraft - an affordable way to deliver acoustic sensing capabilities to track opponents' subs. General Atomics is integrating these sonobuoys into the MQ-9B SeaGuardian platform; the combined capability is designed to meet the Royal Navy's requirements for detecting Russian subs in the North Sea.

It also makes more exotic products, like the Sea Spear UUV-deployable subsea sonar array, which can be installed covertly and can persist on the seabed until recovered. The device is intended for insertion in difficult, demanding environments where traditional means of deployment are impractical. Ultra plans to work with autonomous-tech defense startup Anduril on the concept of operations.

The sale of Ultra Maritime is Advent's latest divestment from its Cobham division, which it bought in 2020 for $4 billion and has been streamlining through spin-offs of individual business units. Previous Cobham divisions sold include Aviation Services, Aerospace Connectivity and Missions Systems, among others, collectively resulting in revenue of more than $7 billion.