Good morning.

Genco Shipping has rejected a revised takeover offer from Diana Shipping, turning down a $ 23.50-per-share bid that the board says undervalues the company.

The company had already rejected a lower offer earlier this year and signaled it is open to a better proposal.

Meanwhile, Star Bulk has agreed to buy 16 Genco vessels for $470 million if the deal goes through, pointing to early signs of consolidation in the dry bulk shipping sector.

Let’s dive into today’s edition.

The Trump administration has issued a 60-day waiver of the Jones Act, allowing foreign vessels to transport fuel between U.S. ports as oil markets tighten amid the war with Iran. The move is aimed at easing domestic supply constraints and stabilizing energy flows amid rising geopolitical risk.

Free Flow: The White House said the 60-day waiver will enable key resources — including oil, natural gas, fertilizer, and coal — to flow more freely across U.S. ports.

Pushback: The decision has drawn criticism from maritime labor groups, who argue it could weaken domestic shipping and national security. They also note that domestic shipping costs contribute minimally to fuel prices, which are primarily driven by global crude markets.

Rio Tinto has secured control of the land in Arizona required to develop the Resolution Copper project, marking a major breakthrough after years of legal challenges and regulatory delays.

Key Details: The project centers on a land swap that gives the company access to 2,400 acres containing more than 40 billion pounds of copper, one of the largest untapped deposits in the United States. In return, Rio transferred 5,400 acres to the U.S. Forest Service.

Long Battle: The deal had faced prolonged opposition from the San Carlos Apache, who consider the Oak Flat site sacred. Multiple courts, including the U.S. Supreme Court, declined to intervene, effectively clearing the path for development.

What’s Next? Rio Tinto, alongside partner BHP, plans to begin a $500 million drilling campaign to further assess the resource. Backed by the Trump administration, the project is seen as critical to boosting domestic copper supply amid rising demand from electrification and energy transition sectors.

Insurance costs for vessels transiting the Strait of Hormuz have surged to around 5% of a ship’s value, roughly five times higher than at the start of the Iran conflict, as attacks on commercial shipping intensify.

Rising Premiums: For a typical $100 million oil tanker, coverage now costs about $5 million per voyage, reflecting higher war-risk premiums. Despite the spike, insurers say coverage remains available, though at significantly elevated rates.

Risky Strait: The sharp increase follows a series of security incidents, with at least 20 ships affected since early March, including a recent container ship strike that caused a fire. The rising risks are forcing shipowners to reassess whether to operate through the critical waterway.

Samsung is seeking to lock in three- to five-year supply contracts for memory chips, moving away from short-term quarterly or annual deals amid surging prices and booming AI demand.

Why Now? The shift comes as memory prices — including DRAM and high-bandwidth memory (HBM) used in AI systems — have jumped 50% to 55% quarter-on-quarter, strengthening Samsung’s pricing power in negotiations with major customers.

Better Planning: By fixing longer-term contracts, Samsung aims to stabilize revenue and better plan capacity investments, while offering modest discounts to secure multi-year commitments amid elevated pricing.

Big Picture: The move reflects tightening supply conditions, with industry leaders warning the global memory chip shortage could persist until 2030, reinforcing a structural shift toward longer-term, more predictable semiconductor supply agreements.

Global shipping giant CMA CGM will introduce a fuel surcharge on inland transport routes, expanding cost increases beyond ocean freight as rising fuel prices ripple across the entire logistics chain.

More Charges: The move comes after the company already imposed surcharges on sea transport, as fuel costs surged amid escalating conflict in the Middle East. CMA CGM said the increase is impacting all modes of container movement, including trucking and rail.

When and What: The surcharge, set to take effect from March 23, will apply across select regions, though the company has not disclosed specific pricing or geographic scope. The decision reflects growing pressure on carriers as energy costs climb and margins tighten.

Iranian attacks have crippled 17% of Qatar’s LNG export capacity, taking 12.8 million tons per year offline and triggering an estimated $20 billion in annual revenue losses.

Historic Shortage: The disruption is forcing QatarEnergy to declare force majeure on long-term contracts, impacting supplies to key markets including Europe and Asia. Buyers in countries such as Italy, Belgium, South Korea, and China are now facing potential shortages as one of the world’s largest LNG exporters pulls back supply.

Beyond Gas: The fallout extends beyond LNG. Qatar’s condensate exports are set to drop 24%, while LPG will fall 13% and helium output 14%, creating ripple effects across industries — from cooking fuel in India to semiconductor manufacturing in South Korea.

The U.S. and Japan have unveiled a sweeping energy and critical minerals partnership, with Japan committing up to $73 billion in U.S. energy projects as both nations look to strengthen supply chains and reduce dependence on China.

Energy Deals: The investment includes plans to build small modular nuclear reactors in Tennessee and Alabama, as well as major natural gas projects in Pennsylvania and Texas. These initiatives are aimed at stabilizing electricity prices and supporting rising demand from sectors like data centers.

Critical Partnership: Beyond energy, the two countries also announced an action plan to secure critical mineral and rare-earth supply chains, focusing on reducing reliance on China. The plan includes exploring mechanisms like price floors and supporting projects across minerals such as lithium, nickel, gallium, and rare-earth recycling.

The partnership also extends to deep-sea mining collaboration, with both countries forming a working group to accelerate seabed resource development

Tesla has signed a $4.3 billion agreement with LG Energy Solution to source battery cells from a Michigan facility. The plant was originally built as part of a joint venture with General Motors, which later withdrew from the project.

Key Details: The deal signals Tesla’s continued push into its energy storage business, which is growing faster than its core EV segment. The batteries will be used in products like Megapacks, designed to store power from renewable sources and stabilize grid demand.

Revenue Driver: Tesla’s energy division has become a key growth driver, with revenue rising 27% to $12.8 billion last year, even as its automotive business declined. Rising electricity demand from data centers and the integration of renewables are accelerating the need for large-scale storage.

Apple supplier Murata is moving to diversify its rare-earth supply chain away from China, as geopolitical tensions force manufacturers to rethink critical dependencies. The transition marks one of the clearest signs yet of supply chains structurally fragmenting.

Key Player: The company produces nearly 40% of the world’s MLCC components, has already built parallel U.S. and China supply chains, but rare earths remain the bottleneck. Murata is now sourcing alternatives outside China, though qualifying new suppliers and scaling production could take up to three years.

Why Now? China continues to play a central role, accounting for around 48% of Murata’s revenue, even as the company reduces exposure from about 60% in 2021. Recent Chinese export restrictions on critical materials have added pressure, though Murata says it is currently meeting demand through existing procurement routes and inventory.