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Dalian iron ore slipped on Friday and were set for a second weekly loss, weighed down by easing demand in top consumer China and higher portside stocks, although Beijing’s pledge of fiscal stimulus and stabilising property market capped losses.

The most-traded iron ore contract on China’s Dalian Commodity Exchange (DCE) TIO1! closed daytime trade down 0.33% to 760.5 yuan ($107.79) a metric ton, a weekly fall of 0.8%.
The benchmark January iron ore (SZZFF6) on the Singapore Exchange rose 0.5% to $101.95 a ton as of 0700 GMT, benefited from softer dollar after the U.S. Federal Reserve cut interest rates. It has declined 1.4% so far this week.

The seasonally weakening steel demand, with low temperature hindering outdoor construction activities in northern regions, has dented consumption for feedstocks including iron ore.

Average daily hot metal output, a gauge of iron ore demand, slid 1.3% from the week before to a three-month low at 2.29 million tons by December 11, heading for a fourth straight weekly fall, data from consultancy Mysteel showed.

Meanwhile, portside iron ore inventory rose 0.9% on-week to 154.31 million tons, the highest since March 2022, per Mysteel data.

However, losses were limited by a boost from Chinese leaders’ pledge on Thursday to maintain a “proactive” fiscal policy next year that would stimulate both consumption and investment to maintain high economic growth.

Beijing also said it would stabilise property market with city-specific measures. Protracted property market downturn has dragged demand for steel products.

Other steelmaking ingredients, coking coal NYMEX:ACT1! and coke (DCJcv1) tumbled 4.33% and 3.06%, respectively, pressured by a supply glut created by falling demand and swelling supply.

Steel benchmarks on the Shanghai Futures Exchange languished amid lower raw materials costs. Rebar RBF1! dipped 0.87%, hot-rolled coil EHR1! shed 0.83%, wire rod (SWRcv1) fell 1.92% and stainless steel HRC1! lost 0.68%.
Source: Reuters

Steven Nance to Succeed Dea as Board Chairman

DENVER, Dec. 12, 2025 /CNW/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) today announced that Peter Dea will retire from its Board of Directors (the “Board”) effective May 6, 2026. Steven Nance has been unanimously elected by the Board to replace Dea as Board Chairman.

Mr. Dea joined the Board in 2010 and has served as Chairman since 2020. With over 40 years of leadership and value creation expertise in the E&P industry, successfully leading both public and private companies, he developed a track record of delivering substantial shareholder value. His experience brought to the Ovintiv Board valuable insight into oil and gas operations, sustainability, strategy, and energy-related policy. Through his personal and professional efforts, Mr. Dea has prioritized sustainability and stewardship and, with his family, established a foundation that supports education, science, and conservation causes.

“On behalf of the Board and our leadership team, I would like to thank Peter for his many contributions over the last 15 years,” said Brendan McCracken, Ovintiv’s President and CEO. “His wealth of knowledge, strong leadership and dedication have been invaluable to our company. We will miss his wise counsel and wish him well in retirement.” McCracken continued, “We look forward to having Steve as our new Board Chair. His proven leadership, diverse experience and commitment to strong corporate governance will serve us well.”

Nance brings over a decade of experience as a corporate director and extensive expertise in governance, M&A and shareholder engagement. He has served on multiple public and private boards, has experience as Lead Director and Committee Chair, and contributed to best-in-class governance practices. He is currently President and Manager of Steele Creek Energy, LLC, a private oil and gas investment firm. He has served on the Ovintiv Board for six years and is currently the Chair of the Environment, Health and Safety Committee. 

Further information on Ovintiv Inc. is available on the Company’s website, www.ovintiv.com, or by contacting:

SOURCE Ovintiv Inc.

One of the first things Sailors notice on Virgin Voyages — often without realizing they’re noticing it — is how gracefully the ship moves them. You drift from cabin to brunch, from yoga to The Dock, from sun deck to Scarlet Night, and somehow… it always feels smooth, intuitive, and unhurried.

That’s no accident. It’s design.

And one of the biggest unsung heroes of that seamless experience? The elevators.

They don’t just go up and down — they help shape how Sailors travel through the ship in a way that keeps everything feeling beautifully calm.

Let’s take a ride inside the thinking behind it all.

The elevators don’t react — they flow with the ship

In many buildings, elevators simply respond. On Virgin Voyages, they feel like part of the ship’s rhythm.

Our elevator systems anticipate movement patterns — mornings drifting upward toward breakfast, afternoons settling around the pool decks, evenings expanding outward to restaurants and venues. While they aren’t “predictive AI,” they are programmed to handle shifting needs throughout a voyage, adapting efficiently to real Sailor flow.

The result? Your ride feels smooth, quick, and surprisingly effortless.

✨ Design Callout:
Great design doesn’t call attention to itself. It simply works — and makes the whole experience feel better.

Intentional elevator placement helps the whole ship breathe

Virgin Voyages’ ships are designed around flow — the natural rhythm of how Sailors move through spaces. That’s why you’ll find elevator banks intentionally placed in the forward, midship, and aft sections of the ship.

This creates:

• multiple access points
• natural distribution of movement
• intuitive navigation
• shorter walks to vertical transportation

It’s not something most Sailors consciously notice — but they feel the ease. You don’t search for elevators. You just find them exactly where you need them.

See how our ships are designed.

Elevators respond to the voyage’s natural rhythm

Every voyage has its own daily choreography — and the elevators adjust accordingly.

While the system doesn’t read minds or use futuristic predictive tech, it does manage movement efficiently by responding dynamically to higher-demand times and deck-to-deck flow. This subtle adaptability helps keep movement around the ship feeling relaxed rather than rushed.

🌬️ Callout:
When everything feels calm, it’s because the design is doing its job — not because the ship is empty.

Even the elevator ambiance supports the onboard mood

Virgin Voyages is intentional about ambiance — lighting, materials, sound — and the elevators are no exception.

Inside each cab, you’ll find:

• soft, warm lighting in the morning + more electric lighting toward night
• smooth ride feel
• elegant finishes that echo the ship’s design language

Together, they create the relevant vibe instead of the usual “transportation mode” feeling of city elevators.

💡 Virgin Tip:
Look at the way the elevator lighting reflects on the doors as they open — it’s a surprisingly soothing moment of design poetry.

Forward, midship & aft elevators = effortless navigation

Because the ship has three elevator banks, Sailors naturally spread out — which keeps each ride comfortable and minimizes wait time without needing to over-engineer the system.

Choosing the right bank becomes a kind of secret Sailor superpower:

• Forward: spa, lounges, The Red Room, entertainment
• Midship: central access, pools, dining, gym
• Aft: The Dock, The Galley, wake views, outdoor lounging

Knowing this makes your movement through the ship feel even easier.

🧭 Sailor Hack:
Heading to Scarlet Night or dinner? Elevator mirrors have the best lighting for quick outfit checks — better than your cabin.

The beauty of it all? You hardly notice it

The true sign of thoughtful design is when a complex system feels simple. Virgin Voyages elevators don’t ask for attention — they quietly support the entire onboard journey. They help keep the ship feeling spacious, relaxed, intuitive, and delightfully easy to explore. You move without stress. You arrive without effort. You float — through the ship, just as you float on the water.

Ready to experience a ship that moves with you?

Explore Virgin Voyages sailings.