Canada banks keep climate pledges as rival RBC drops targets

BOYCOTT RBC

By Bloomberg News

Published: May 07, 2025 

Royal Bank of Canada’s decision to drop its sustainable finance commitment has sparked speculation that other major Canadian players could quietly walk away from their own goals on climate-related lending, underwriting and advisory work.

Canada’s biggest bank abandoned its pledge on that front in its latest sustainability report, pointing to changes to the country’s Competition Act that restrict the kinds of environmental claims firms can make. Royal Bank’s report, published last week, also cited “evolving” methodologies for measuring and reporting on sustainable finance.

Asked if they planned to amend or drop their own climate-finance goals, Canada’s other large banks — Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada — all directed Bloomberg News to their most recent sustainability reports or other publications including the targets.

“Nothing to report on our end,” National Bank spokesperson Alexandre Guay said by email. “We are maintaining the targets announced in our sustainability reports.”

The amended rules on deceptive marketing, which were enacted last June, don’t prevent banks from making public claims backed up by diligent efforts and real metrics, said competition lawyer Julien Beaulieu. But he added that he wouldn’t be surprised to see others follow Royal Bank’s lead.

“It’s a very good excuse to stop making these commitments. They’re probably a bit afraid about what’s happening in the U.S. There’s this wave of anti-ESG lawsuits and all these anti-ESG policies in the U.S.,” Beaulieu said. He argued that the U.S. backlash has generated a “greenhushing” movement in which firms remain silent on climate-related initiatives.

Earlier this year, Canada’s big banks followed peers in the U.S. in leaving the Net-Zero Banking Alliance, marking a major change in North America’s approach to climate finance. The development is part of a larger shift that coincided with Donald Trump’s return to the White House, with other banks including Wells Fargo & Co. and HSBC Holdings Plc walking back environmental commitments.

“It’s a really bad time for leading financial institutions to say, ‘We’re going to quietly quit on climate,’” said Richard Brooks, climate finance director at Stand.earth. “It sends the wrong message to corporate Canada.”

Still, Beaulieu said, it’s not necessarily a bad thing for banks to drop commitments that have attracted criticism for being overly broad and vague.

Royal Bank itself has faced allegations of greenwashing over its sustainable-finance claims, and Canada’s Competition Bureau said in 2022 it was investigating a complaint about Royal Bank’s environmental marketing filed by Indigenous and climate activists.

Deleting claims

Canada’s so-called anti-greenwashing law, which amended rules around deceptive marketing practices to bar environmental claims that can’t be backed up by “internationally recognized methodology,” immediately stirred controversy when it was enacted last year.

Major oil-sands industry groups deleted material from their websites and social-media feeds, arguing the changes created significant uncertainty about how Canadian companies should communicate their efforts to improve environmental performance.

Competition Bureau spokesperson Marianne Blondin said the agency, which is in charge of enforcing antitrust laws, has since consulted on proposed guidelines to help businesses assess whether their climate claims follow the new law.

“Companies are free to make environmental claims, as long as they are not false or misleading, and have been adequately and properly tested or substantiated as required,” Blondin said, noting that the bureau is now finalizing its guidelines.

Christine Dobby, Bloomberg News

©2025 Bloomberg L.P.

‘Real problem’: One third of Canadians say down payment costs blocking homeownership, according to survey

By Daniel Johnson
Published: May 06, 2025 


David-Alexandre Brassard, CPA Canada chief economist, on a new survey saying one third of Canadians say down payments are blocking homeownership.

One third of Canadians, around 32 per cent, say saving for a down payment is the main barrier for them entering the housing market as rent prices outpace inflation amid lagging wages, according to a new survey.

CPA Canada and BDO Debt solutions released the survey results Wednesday.

Other key findings include:30 per cent of respondents highlighted mortgage payment costs as their main obstacle to owning home
Only 10 per cent indicated a preference toward the flexibility of renting compared to owning a home

“I think the main takeaway here is affordability is becoming a real problem. It goes beyond housing. You start looking at what the majority of respondents are saying in that they’re really struggling with cost of living,” Li Zhang, financial literacy leader at CPA Canada, said in an interview with BNNBloomberg.ca Monday.

“And so that really goes beyond just the question of can I maintain the home that I’m living in, or can I afford to buy? It’s how Canadians are struggling day to day. And that was really evident by just the overall results.”

Forty-three per cent of survey respondents highlighted high cost of living as the number one factor challenging their finances, while 14 per cent cited paying down debt.

David-Alexandre Brassard, chief economist at CPA Canada, said in a press release that rising housing costs in Canada are weighing on consumer spending similar to “sucking the oxygen out of the room.”

“High down payments restrict access to real estate investments and exacerbate wealth inequality, leading to social consequences,” he said.

The survey also found a generational divide, where 74 per cent of those over the age of 55 own their home, a number that falls to 63 per cent in the 35 to 55 age group and to 31 per cent in the 18 to 34 bracket.

Nearly half of homeowners were focused on saving, according to the survey, with only around 12 per cent of renters.

“Homeownership is closely tied to financial stability and wealth accumulation,” Zhang said in the release.

“This is reflected in the behaviour of Canadians: homeowners are more likely to save for retirement and invest, while renters often live paycheque to paycheque. Only four per cent of renters report prioritizing lifestyle spending—most are simply struggling to cover the basics.”

Methodology:

Leger conducted the 2025 Housing Market OMNIbus online survey from Feb. 7 to Feb. 10, 2025, among 1,590 randomly selected Canadians aged 18 and over

Parkland agrees to be bought by U.S. heavyweight Sunoco in US$9.1B deal

By The Canadian Press
Updated: May 05, 2025 


A judge has sided with Parkland Corp. in its last-minute decision to delay its shareholder meeting by more than a month so investors can vote on a US$9.1-billion takeover by Sunoco LP at the same time they elect a board of directors.

A showdown had been set to take place in Calgary on Tuesday, with shareholders voting on competing nominee slates put forward by Parkland’s management and by Simpson Oil, which owns just under 20 per cent of the Canadian fuel retailer and refiner’s shares.

But Parkland postponed the meeting to June 24, when shareholders are to also vote on the cash-and-stock deal with Dallas-based Sunoco that would create the largest independent fuel distributor in the Americas.

Simpson applied to the Alberta Court of King’s Bench for an order to have the Tuesday meeting go ahead, calling the Parkland move “deplorable” and an attempt to “cling to power.”

Justice Douglas Mah says in a decision late Monday that any order to reinstate the meeting would be “impractical and confusing” to shareholders and the market.

Mah says Simpson will have ample opportunity express its views and that shareholders should have full information about the Sunoco deal before they vote on it.

In a news release earlier Monday, Cayman Islands-based Simpson lambasted Parkland for the vote delay and called on 11 incumbent Parkland directors to resign, including executive chair Mike Jennings.

“Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty — an obvious attempt to cling to power and sidestep shareholder will,” Simpson said in a statement Monday.

The takeover requires shareholder and regulatory approval and also has to be cleared under the Investment Canada Act. The U.S. company has committed to maintain a Canadian headquarters in Calgary, significant employment in Canada and investment in Parkland’s refinery in Burnaby, B.C.

Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. Sunoco outlets that had long operated in Canada were rebranded in 2009 under the Petro-Canada banner.

“This combination with Sunoco provides Parkland’s shareholders with the highest value and the greatest proceeds, while also affirming Sunoco’s and Parkland commitment to Canada, a country that has played a vital role in our combined history,” said Parkland chief executive Bob Espey, who announced last month that he would step down before year-end.

On a conference call, an analyst asked Sunoco CEO Joe Kim about potential issues with large Parkland shareholders, but did not name Simpson specifically.

“For the Parkland shareholders, you get a very, very healthy premium, material cash and a stronger company underlying the equity going forward,” Kim replied.

“So we think this is an offer that’s going to be hard for people to pass up.”

Analysts said a better offer is unlikely.

“If this deal is rejected, we may be looking at the company being sold in parts as its unclear who else would be interested in (Parkland’s) full mix of assets,” analysts with TD Cowen said in a report.

ATB Financial said in a report: “Given the appropriate return compensation, $275-million break fee and strategic combination to create a leader in global fuel distribution, we expect shareholders will support the transaction.”

Parkland and Simpson have been at odds over the fuel refiner and retailer’s performance and governance for at least a year.

Under shareholder pressure, Parkland said in March it would review options to boost its share price, including a sale of the entire company, after rebuffing such a move.

Simpson has criticized Parkland for rejecting a potential acquisition at a “material premium” in 2023. The Globe and Mail has reported it was from Sunoco and worth $45 a share.

Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units.

Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share. Parkland shareholders can also receive C$44 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share. The deal would also see Sunoco assume Parkland’s debt.

Parkland shares rose more than 5.5 per cent to C$38.28 on Monday.

In early 2019, Parkland closed a deal to buy a 75 per cent stake in Simpson subsidiary Sol, the largest independent fuel marketer in the Caribbean, for $1.6 billion. Sol got a 10 per cent stake in Parkland.

Parkland gained full ownership of Sol in 2022 and Simpson doubled its stake.

At the time, the founder of Simpson, Kyffin Simpson, had glowing words for Parkland and Espey.

“We have tremendous confidence in the company, its management team and its bright future,” he said in August 2022.

Three years later, Simpson says on its Refuel Parkland website that the elements that first attracted it to the partnership have been “mismanaged out of existence.”

This report by The Canadian Press was first published May 5, 2025.

Lauren Krugel, The Canadian Press

Heavy lifting begins as Suncor starts refurbishing decades-old upgrader components

Story by Lauren Krugel



Suncor's base plant and upgrader in the oil sands in Fort McMurray Alta

 THE CANADIAN PRESS/Jason Franson

CALGARY
© The Canadian Press — Oilsands giant Suncor Energy Inc. has begun a three-month outage at one of its upgraders so it can begin to replace enormous components first installed almost six decades ago.

The Calgary-based company is in the midst of a multi-year project to replace eight original coke drums dating back to 1967 at its Base Mine site north of Fort McMurray, Alta., with the goal of extending the upgrader's life by 30 years.

The drums, weighing 270 tonnes and standing nearly 30 metres, are used in the upgrading process, where tarry oilsands bitumen is converted into a lighter crude that can then be refined into fuel.

In a website post last year when one of the drums was being transported from Edmonton to the mine, Suncor said the load took up the entire width of the road, including the shoulder lanes.

The outage at the upgrader — one of two at the mine — began on May 1 and is expected to last 91 days.

Shelley Powell, the Suncor senior vice-president in charge of major capital projects, says the first major crane lift of equipment was successfully completed over the weekend.

The project is using one of the biggest cranes in the world, the Mammoet PTC210DS.

"We were really well prepared. We have all of the pre-work done, and that included actually doing some early planning and preparatory lifts," Powell told Suncor's first-quarter conference call Wednesday.

"So we practised some of this stuff ahead of time to make sure we had the equipment in the right spot, we had people trained and ready to go, and everybody knew what their role was going to be."

Powell added that some of the operators involved in the project have experience doing similar heavy-lifting jobs elsewhere in the world.

CEO Rich Kruger said collaboration between different teams is key to pulling off a project of this scale.

"We have to be seamless in our execution and our handoffs," he told investors. "We won't declare victory until we're done, but we feel quite good about our level of preparation and planning."

Desjardins Securities analyst Chris McCulloch said in a note that much is riding on the coke drum replacement going according to plan.

"Maintaining operational momentum will be pivotal for Suncor entering the heaviest stretch of scheduled maintenance this year," he wrote.

"In our view, success of the Base Plant and other planned turnarounds will materially impact the company’s ability to achieve its 2025 production guidance and (capital expenditure) targets, which we maintain have been conservatively set."

Late Tuesday, Suncor said its production for the first three months of 2025 was 853,000 barrels of oil per day, refining throughput was 483,000 barrels per day and refined product sales were 605,000 barrels per day.

All three measures set new first-quarter records for the company.

Net earnings for the first three months of 2025 were $1.69 billion, up from $1.61 billion during the same 2024 period.

That amounted to $1.36 per share versus $1.25 per share.

Gross revenues were $13.33 billion, compared to $13.31 billion a year earlier.

Adjusted operating earnings, a measure Suncor says provides a better comparison between quarters, were $1.63 billion, down from $1.82 billion, which it says was due to lower crude oil sales.


Chief financial officer Kris Smith said Suncor is positioned well to weather a West Texas Intermediate crude price of US$60 per barrel, the level it's been hovering around in recent weeks.

This report by The Canadian Press was first published May 7, 2025.

Companies in this story: (TSX:SU)

Lauren Krugel, The Canadian Press

'We don't spy among friends': Key ally demands US ambassador ​answer for Trump's espionage

Story by Matthew Chapman
• MAY 7, 2925
RAW STORY

The government of Denmark is outraged at new reports of U.S. intelligence spying on Greenland, reported Bloomberg News — and is summoning the U.S. ambassador to provide answers.

The report, first detailed by the Wall Street Journal this week, highlighted how espionage operations are focusing on the island to learn more about the “independence movement and attitudes on American resource extraction,” evidently in furtherance of President Donald Trump's long-held ambitions to claim Greenland from Denmark, which has emphatically rejected any attempt to transfer over the island.

Greenlanders have expressed virtually no interest in polls for joining the United States, with 85 percent opposing the idea. However, there is a long-simmering independence movement that may seek to take advantage of the Trump administration's interest to advance its own goals.

Want more breaking political news? Click for the latest headlines at Raw Story.

ALSO READ: ‘Pain. Grief. Anger’: Families heartbroken as Trump backlash smashes adoption dreams

"Foreign Minister Lars Lokke Rasmussen ... told reporters at an informal meeting of European Union foreign affairs ministers in Warsaw that the article 'worries me a lot because we don’t spy among friends,'" said the report. “It is worrying if they have the approach that they must now obtain intelligence in Denmark and Greenland, obviously with the aim of finding a way to drive a wedge,” he continued. “That is not the cooperation we should have, so it is something I view with great seriousness.”

It's a significant escalation from Trump's public statements about wanting to acquire Greenland, and the trips Trump allies have been making to the island for public relations.

Director of National Intelligence Tulsi Gabbard has responded to the report by attacking the press, claiming that the disclosure of intelligence operations is illegal and endangers national security.

Inside the small US town where Elon Musk's supercomputers have left residents struggling to breathe

Story by Lauren Acton-Taylor For Dailymail.Com
• 1d •


Musk's artificial intelligence company set up shop in South Memphis last year but has left residents visiting the emergency room for asthma most often in the state as it's revealed the supercomputer's pollution control measures don't meet federal guidance


Residents in Tennessee have been left struggling to breathe over Elon Musk's supercomputers as pollution is believed to have caused a surge in asthma.

Musk's artificial intelligence company set up shop in South Memphis last year but the supercomputer's pollution control measures don't meet federal guidance.

The area now leads the state in the most emergency room visits for asthma.

The company has no Clean Air Act permits, Politico reported, and none of the 35 methane gas turbines that help power xAI's supercomputer are equipped with federally-required pollution controls.

Now, the surrounding residents lead the state of Tennessee with the most emergency visits for asthma-related symptoms.

In 2024, Memphis was found to be the asthma capital of the nation by the Asthma and Allergy Foundation of America.

In the short eleven months that Musk's supercomputer has been running in the area, the company has championed as one of Shelby County's largest emitters of nitrogen oxide, according to the outlet.

The area was already suffering from unhealthy air quality due to smog, according to the United States Environmental Protection Agency.

Musk's plant turbines spew an estimated 1,200 to 2,000 tons of nitrogen oxides, or NOx, further contributing to the smog issue in the area.




In the short eleven months that Musk's supercomputer has been running in the area, the company has championed as one of Shelby County's largest emitters of nitrogen oxide




The company has no Clean Air Act permits, Politico reported, and none of the 35 methane gas turbines that help power xAI's supercomputer are equipped with pollution controls federally required

The estimations, according to the Southern Environmental Law Center, are far higher than that of the gas-fired power plant across the street or the oil refinery nearby, the outlet reported.

Musk said in February that the turbines were a necessary addition for the third version of the AI chatbot.


At the time, he said: 'We have generators on one side of the building, just trailer after trailer of generators until we can get the utility power to come back in.'

Nearby Boxtown, three miles from the plant, is facing enough toxic pollution from xAI and 17 industrial facilities to require registration with the EPA's Toxics Release Inventory.

With the median household income at $36,000, the population face not being able to breathe to stay in their homes.

'I can't breathe at home, it smells like gas outside,' said resident Alexis Humphreys through tears.

'How come I can't breathe at home and y'all get to breathe at home?' she continued, holding up her inhaler at a public hearing on April 25.

At a protest in late April, Rep. Justin Pearson said: 'They put our lungs and our air on the auction block and sold us to the richest man in the world.'




'I can't breathe at home, it smells like gas outside,' said resident Alexis Humphreys through tears. 'How come I can't breathe at home and y'all get to breathe at home?' she continued, holding up her inhaler at a public hearing on April 25

The turbines Musk has implemented are only temporary, but the damage they can do is immense, as xAI's environmental consultant Shannon Lynn said during a webinar that they don't require federal permits for hazardous emissions.

As residential pressure built in January, xAI applied for permits for 15 of its turbines that will allegedly be permanent.

Lynn said, however, that the company will wait until the application process is approved before pollution control is installed on those turbines.

The strategy, former EPA air enforcement director Bruce Buckheit argued, violates the Clean Air Act.

'There needs to be a permit beforehand. You don't just get that first year for free,' he told Politico.

The competitive nature of AI leaves room for a dangerous set of practices to slide across the industry.

Amanda Garcia, senior attorney for the SELC, told the outlet: 'Data centers are a highly competitive space, and other companies are watching what xAI is doing. Right now, what xAI is doing is essentially running a power plant without a permit, and it has a real risk of harming people's health.'

The company's own version of an AI chatbot, Grok, has become famed for its relaxed regulations which allow users more freedom to generate potentially hateful or insensitive images.



The area was already suffering from unhealthy air quality due to smog, according to the United States Environmental Protection Agency. Musk's plant turbines spew an estimated 1,200 to 2,000 tons of nitrogen oxides, or NOx, further contributing to the smog issue in the area




Multiple cases of asthma and cancer in local families are attributed to the air pollution, and many residents are calling the xAI's permits to be denied and the plant shut down

Musk referred to Grok as 'the most fun AI in the world.'

But local residents feel as though their health is suffering the sake of the 'fun' images.

Multiple cases of asthma and cancer in local families are attributed to the air pollution, and many residents are calling the xAI's permits to be denied and the plant shut down.


But Musk's history with environmental disregard has been equally problematic.

Tesla was cited for 33 air quality violations in 2021, SpaceX was fined by Texas after allegedly dumping industrial wastewater without a permit, and The Boring Co. was fined by Texas for failing to get a permit to discharge industrial stormwater.

Now, xAI has also been accused of being deceptive regarding the number of turbines running.

Memphis Light, Gas and Water and chamber officials suggested in the summer of 2024 that Musk's company had 18 turbines of varying sizes - xAI filed for permits for 15 turbines at 16MW each.

At the end of March, environmental groups flew over the facility and took photographs of the turbines. The aerial photos pictured 35 turbines onsite, Politico reported.




Tesla was cited for 33 air quality violations in 2021, SpaceX was fined by Texas after allegedly dumping industrial wastewater without a permit, and The Boring Co. was fined by Texas for failing to get a permit to discharge industrial stormwater




At the end of March, environmental groups flew over the facility and took photographs of the turbines. The aerial photos pictured 35 turbines onsite, Politico reported

However, Memphis Mayor Paul Young said only 15 were actually running and the remainder were backups.

Yet, in late April, the groups flew over the site again with thermal cameras and found 33 turbines were giving off significant heat signals which signify the generation of electricity and pollution.


In a webinar in April, Lynn said xAI did not need air permits for 35 turbines onsite because 'there's rules that say temporary sources can be in place for up to 364 days a year. They are not subject to permitting requirements.'

The loophole, Lynn argued, is that should the permit be approved, seven turbines will remain onsite while the 28 others would be 'temporary' and would be 'slowly' moved out as substations are constructed.

John Walke, a former attorney in EPA's Office of General Counsel who now works for the Natural Resources Defense Council, told the outlet: 'xAI's position is quite suspect - I mean they're huge. The temporary or not temporary argument is irrelevant.'

Yet, the Health Department had a consultation with EPA in August, during which the federal regulator agreed that the turbines do not require permits.

In November, EPA Region 4 Air and Radiation Director Denisse Diaz wrote to the Health Department director that although it was the understanding that 'the turbines are expected to cease operations in the next few months,' a more formal review process was necessary to confirm.

It was also suggested that the county set up air monitoring to confirm the turbines emissions.




The turbines Musk has implemented are only temporary, but the damage they can do is immense, as xAI's environmental consultant Shannon Lynn said during a webinar that they don't require federal permits for hazardous emissions

As Musk continues to grow the company, and Colossus - which added double the number of onsite computer chips - came online in September, he has pushed for more.

In October, xAI asked Memphis Light, Gas and Water to look into the possibility of adding 260 MW through a new substation on another piece of land xAI leased in the area.


But the residents of Boxtown are ready to have clean air again.

Easter Mayo Knox, 74 years old and with chronic obstruction pulmonary disease, lowered her KN95 mask to protect herself from the pollution.

She told the outlet: 'He may be a millionaire, a billionaire - whatever kind of 'aire' he is - but what we need her is clean air.'

 

Marinette Marine Hosts University of Wisconsin Chancellor

Fincantieri welcomes University of Wisconsin-Madison Chancellor to Marinette shipyard.

Published May 6, 2025 2:13 PM by The Maritime Executive

 

[By: Fincantieri]

Officials at Fincantieri Marinette Marine hosted University of Wisconsin-Madison Chancellor Jennifer L. Mnookin and members of her team May 2, in the bustling Marinette shipyard 50 miles north of Green Bay. 

The purpose of the visit was to update the chancellor on the successful international internship program Fincantieri started last year with engineering students at University of Wisconsin – Madison.  

FMM’s leader, Jan Allman, was joined by Fincantieri Marine Group CEO, Marco Galbiati, and together they led the chancellor and key university officials through the newly renovated shipyard. They also gave Mnookin an overview of the many naval programs being supported by Fincantieri in Northeast Wisconsin. FMM is currently building two different types of ships for the U.S. Navy, and four additional vessels for a foreign allied navy.  

“Partnerships like this can be ‘eye-opening’ for students, many of whom may not be familiar with the maritime industry,” said Allman. “We have tremendous career opportunities for engineers of all specialties right here in Wisconsin, where they can do critically important work for our national defense or in the commercial shipbuilding and repair sector.”  

Fincantieri has increased its internship programs and research efforts over the previous two years in an effort to engage top tier engineering programs, according to Dr. Gabriele Librandi, Fincantieri Marine Group’s director of research and innovation in the United States. Librandi has created similar research projects and relationships with the University of Michigan and Virginia Tech for Fincantieri. Librandi worked with the UW-Madison’s International Academic Programs office to help engineering students land study- and work-abroad internships. 

“It was inspiring to see firsthand the scale and sophistication of the work being done at Fincantieri Marinette Marine,” said UW–Madison Chancellor Jennifer L. Mnookin. “This partnership creates meaningful opportunities for our students to apply their engineering skills in real-world, high-impact settings right here in Wisconsin and around the world. It’s a powerful example of how collaboration between industry and the university can help drive innovation, grow talent, and strengthen our state’s workforce.” 

This year Fincantieri is sending four Badger students to Italy for two months where they will work with one of the world’s largest and most innovative maritime companies operating in the cruise, naval and offshore sectors. Once in Italy, the students will attend an abbreviated naval engineering course at the University of Trieste and then work alongside Fincantieri engineers in Trieste for the summer. 

Fincantieri Marine Group CEO Marco Galbiati added, “Being a globally recognized maritime leader, we understand that the demand for talent, especially engineers, is increasingly competitive.” Galbiati added that attracting and retaining top talent is important to the company’s sustainability strategy. “I am sure that these students are going to enjoy working with the brightest minds in the business, and they will get an appreciation for the pride that comes with being a part of the Fincantieri team, even if for only the summer.”   

The products and services herein described in this press release are not endorsed by The Maritime Executive.

 

Mexico Agrees to Phased-in Rollout of Lowered Cruise Passenger Head Tax

Mega cruise ships lined up at the popular port of Cozumel, Mexico (Apiqroo - Comprehensive Port Administration of Quintana Roo)

Published May 6, 2025 8:42 PM by The Maritime Executive

 

After pressure from the cruise industry and concerns raised by local government in the states where cruises contribute to the economy, Mexico’s federal government has reportedly agreed to a lower amount and phased-in rollout to the hefty head tax planned for cruise passengers. News of an agreement is in the Mexican press after intense negotiations that started in December while the implementation was delayed for six months. 

Citing the need to support the Mexican economy and for port development, the federal government announced in late 2024 that it would end an exemption for cruise passengers of the head tax charged to short-stay tourists known as a Non-Resident Duty. The fee was to be set at $42 per passenger as of January 1, 2025, with the potential of higher costs when the local port taxes were also factored into the cost.

The cruise industry complained saying that Mexico was jeopardizing the long-standing relationship and its economy with the costs. The government relented announcing a six-month delay till July 1, giving the industry time to adjust. At the same time, the negotiations began seeking a compromise with the industry. In April, it was reported that the Florida-Caribbean Cruise Association was working hard to strike a compromise.

Mexican media reports indicate that the deal was struck so that the head tax will begin in July at $5 per person for the next 13 months. From August 2026 through July 2027, it will step up to $10 per person and then $15 in 2027-2028. As of November 2028, it will increase to $21 per passenger.

The reports said the intervention of the governor of the Quintana Roo state Mara Lezama was instrumental in reaching the compromise. Her state is home to the popular ports of Cozumel and Playa del Carmen and derives significant income from the cruise industry.

The cruise lines have also agreed to promote port infrastructure projects including the proposed fourth pier in Cozumel. They will also seek to increase the number of cruise passengers they bring to the Mexican ports and will promote Mexican goods aboard their ships. They will also increase the acquisition of supplies in Mexico.

Federal Tourism Secretary Josefina Rodriguez is reported to have called the agreement a major step to contribute to Mexico’s economic development.

The cruise industry executives speaking at the Seatrade Cruise Conference in April called for greater collaboration with ports around the world and said they hoped ports would discuss concerns with them. They cite the potential for collaboration while ports and popular destinations struggle with the influx of passengers and the impact of over-tourism. As cruise ships increase in size and capacity, many destinations are looking for ways to balance cruise passengers with onshore tourism and maintain the environment for residents.

The reports from Mexico said a joint announcement of the agreement will be released in the coming days. 

National Geographic-Lindblad Expeditions to Launch European River Cruises

Transcend is building river cruise ships in the Netherlands and will be focused on B2B marketing (Transcend Cruises)

Published May 6, 2025 2:56 PM by The Maritime Executive

One of the most storied names in expeditions and expedition cruising, Lindblad announced that it plans to launch its first-ever European river cruises with a multi-year charter running through at least 2028. The company looks to bring its co-branded approach with the National Geographic Society to the fast-growing European river cruise market.

Lindblad is partnering with a newly launched firm called Transcend Cruises which was started in 2024 as a charter-only river cruising company. Transcend focuses on B2B marketing offering customized group travel on its ships. It is focused on the affinity market, tour operators, travel advisors, and meeting and incentive planners.

Transcend in 2024 ordered its first river cruise ships to be built by Den Breejen Shipyard in the Netherlands. The first two ships, which will each measure 443 feet (135 meters) are due for delivery by early 2026. The ships will each have accommodations for up to 120 passengers. 

"Our state-of-the-art newbuild river cruise ships offer both a luxury experience, as well as the opportunity to accommodate the lecturing and mind-enriching requirements essential for their travelers,” said Hans Rood, CEO of Transcend Cruises. “With a strong focus on wellness, sustainability and best of services, we are the perfect fit to deliver the programs Lindblad Expeditions require. By collaborating, we are able to create the most exclusive experiences on Europe's most spectacular waterways."

 

Transcend's first two river cruise ships are due for delivery by early 2026 (Transcend)

 

The European cruise market has been developed by leaders including Viking, AmaWaterways, Avalon, UniWorld, and others focusing on cultural and lifestyle experiences. The success of the market has attracted many brands and last year Royal Caribbean Group announced it would expand its Celebrity Cruises brand into river cruising.

“We know that 'how you see it' matters, and that's why we've curated these river voyages with the same depth, care, and expertise that define all of our expeditions,” said Natalya Leahy, CEO of Lindblad Expeditions announcing the plans for European river cruising.  “With National Geographic naturalists and historians, and exclusive events woven into each journey, our guests will explore Europe's storied rivers in truly meaningful ways.”

The European river cruise program will start in 2026. The company said details including which rivers it would be sailing will be released in the coming weeks.

According to Lindblad, each voyage will be staffed by one of the brand's veteran Expedition Leaders, several knowledgeable Field Staff, and at least one National Geographic Expert. Staff will guide guests on private tours, exclusive tastings, and expertly curated synonymous with the co-brand. Lindblad and National Geographic have been partners for over 20 years and more recently the company’s ships have all taken on the National Geographic brand identity.

Lindblad launched its first expedition in 1966 with the first non-scientific civilian expedition to Antarctica.  Today, the company reports the largest, most diverse fleet of expedition ships in the industry, consisting of 22 owned and chartered mission-built vessels ranging in size from 16 – 148 guests. Lindblad Expeditions offers over 100 unique itineraries across six continents, selling and operating over 600 annual departures on behalf of the National Geographic-Lindblad Expeditions co-brand.

 

Ukraine Plans to Lease Out the Black Sea Port of Chornomorsk

A bulker departs Chornomorsk, Ukraine, 2022 (Sipa USA via AP)

Published May 4, 2025 9:34 PM by The Maritime Executive

 

Ukraine has unveiled a 40-year concession plan for its Black Sea port of Chornomorsk. The details of this project were presented by Ukrainian government officials at an investment forum in Warsaw, Poland last month.

The Ministry of Development delegation said that the lease initiative is aimed at modernizing and expanding terminal infrastructure in Chornomorsk port. The concession will cover two terminals - a container terminal and a multipurpose terminal - with a potential of handling up to 760,000 TEU and over 5 million tons of cargo annually. The concession auction will be held in the second quarter of 2025, and a contract with the winner is expected to be signed in the fourth quarter of this year.

The lease project has been prepared with the help of the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). Tender documents are ready outlining the terms of participation, risk structure and guarantees of state support.

“Despite ongoing military threats, the seaport sector has demonstrated exceptional resilience, maintaining significant cargo volumes. The concession of the container terminal in the port of Chornomorsk is an opportunity for investors to become part of the new logistics system in the Black Sea,” said Andrii Kashuba, Deputy Minister for Development of Communities and Territories.

The lease will complement the progress made with the new Black Sea corridor, as the government plans to diversify cargo routes and improve customs efficiency. Ukraine launched the Black Sea corridor in August 2023 after Russia withdrew from the UN-brokered Black Sea Grain Initiative. This alternative trade corridor has proved resilient, with Ukraine using it to export almost 73 million tons of grain for the last two years.

As part of the greater ports of Odessa, Chornomorsk is a strategic maritime hub and a lifeline for Ukrainian global trade. The ports of Greater Odessa - including Pivdennyi, Chornomorsk and Odessa - continue to handle the highest cargo volumes for Ukrainian trade. For instance, out of 23 million tons of cargo handled by Ukrainian ports in the first quarter of 2025, 20.7 million tons was processed by the ports of Greater Odessa, according to data by the Ukrainian Sea Ports Authority. This includes 10.6 million tons in Pivdennyi, 6.6 million tons in Chornomorsk and 3.5 million tons in Odessa.

As Philippine Trade Grows, DP World Expands Manila Terminal

Manila South Harbor, 2025 (DP World)

Published May 4, 2025 10:05 PM by The Maritime Executive

DP World and the Asian Terminals Inc. (ATI) have announced the completion of the Manila South Harbor (MSH) expansion. Located in Philippines’ largest port of Manila, the modernized MSH is poised to take up more trade in the rapidly growing Southeast Asia corridor.

The MSH expansion project cost approximately $100 million, according to DP World and ATI. This went into the extension of a pier, dredging to a depth of 13 meters, yard expansion to accommodate 20,000 TEU and the purchase of two additional ship-to-shore (STS) cranes.

In addition, the expansion will see MSH’s annual capacity rise to two million TEUs, a jump of over 25 percent from the current 1.45 million TEUs. Notably, the two neo-post-panamax STS cranes are the biggest among MSH’s 11 quay-side equipment and among the biggest ever deployed in the Philippines. With an outreach of 58 meters, each crane can handle vessels carrying up to 20 containers wide.

In the past decade, cargo throughput at MSH has been on the rise. Last year, MSH handled 1.3 million TEUs, 8 percent higher than 2023. MSH handled 350,000 TEUs in the first quarter of 2025, over 25 percent higher compared to the same period in 2024.

Besides MSH, DP World is also an operator in Batangas Port, Cavite Barge Terminal and several inland logistics terminals. ATI is the local partner of DP World in the Philippines.

“The modernization projects at MSH are a testament to the long-standing private-public-partnership to enhance the country’s trade facilities and capabilities. We extend our gratitude to our partners from ATI and DP World for bringing in the operational knowledge, expertise and resources,” said Vince Dizon, Department of Transportation Secretary.

With a growing economy, the Philippines has committed funding to modernize its key ports. In December, the Philippine Ports Authority (PPA) rolled out 66 port expansion projects worth over $420 million. Some of the upgrades earmarked under this initiative are almost complete, according to PPA general manager Jay Daniel, who visited some of the sites last week. One of the projects is the $10 million upgrade of the Banago port in Bacolod city. The project is on track for completion by the end of June 2025. It represents one of the largest port infrastructure investments on Negros Island by the Philippine government. The project involves expansion of the road network connecting to the port, upgrade of the roro marshalling yard to accommodate up to 50 trucks, and construction of a three-story passenger and operations building.

DESANTISLAND

Russian Immigrant Tries to Steal Luxury Yacht From Florida Marina

Police believe the suspect was attempting to flee to the Bahamas

Police intercepted the stolen yacht and forced it into a mangrove swamp to halt it (Martin County Sheriffs Office)

Published May 6, 2025 8:32 PM by The Maritime Executive

 

 

After an extended chase, police in Martin County, Florida have arrested a Russian national on charges of attempting to steal a vessel to flee to the Bahamas - twice.

On Monday evening, Russian citizen Nikolai Vilkov, 29, was apprehended aboard a stolen 68-foot luxury yacht near the town of Hobe Sound, Florida. Local police units pursued him on the Indian River for an hour before pushing the vessel into the mangroves to force it to a stop. 

According to the local sheriffs' office, Vilkov made a circuitous journey to get there, and he likely stole more than one boat. 

At about 0100 hours Monday morning, Vilkov arrived at a restaurant parking lot in Jupiter, Florida, and was captured on surveillance camera walking down to a marina. At about 0200 hours, a TowBoat US response boat at that marina started up without authorization, and its GPS tracker showed it moving north. It then ran aground on a sandbar, and the unauthorized operator abandoned it. The thief was not immediately identified. 

At 0300 hours, police for the town of Jupiter found Vilkov, who was on foot and walking down a highway near the site of the grounding. They had no evidence to connect him to the missing TowBoat US vessel, so he was allowed to go. 

At about 1200-1300 hours, Vilkov arrived at a different marina, located about three hours to the north, police said. Bystanders spotted him aboard a 68-foot luxury yacht, preparing to get under way. At about 1555 hours, the dockmaster for the marina called police to report that the yacht had been stolen. 

Marine units from multiple police agencies pursued the yacht until about 1730 hours, when they pushed it into a mangrove thicket near Hobe Sound Bridge, about six miles north of the marina where the theft began. 

Courtesy Martin County Sheriffs' Office

The police believe that Vilkov was attempting to make it another eight miles north to St. Lucie Inlet, then head for sea and make a run for the Bahamas. His motives are unclear; he had been in the U.S. since 2022 after legally claiming asylum status. His wife and child flew back to Russia last week, police told local WPTV. 

The yacht sustained damage from the brief grounding and from its encounter in the mangroves. Vilkov has been charged with grand theft, aggravated fleeing, and resisting arrest for the theft of the yacht, and he will likely be charged in connection with the theft of the TowBoat US vessel as well. 

The Department of Homeland Security is assisting in the investigation, and has provided a Russian interpreter. Whether Vilkov is convicted or not, he will likely be deported to Russia after his time in police custody, Sheriff John Budensiek told WPTV.