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BRENT TOWING CO

“Old Ship” Fears Drive Tanker Markets Higher

North Sea crude markets held steady mid last week, as a combination of high freight rates and absences at industry functions subdued trade. Dated Brent was assessed near last deal done at April Brent +95 cts, with Brent CFD swaps for this week also in that area. Next weeks CFDs are seen around April Brent +90 cts. Institute of Petroleum week in London is keeping trade to a minimum, as are high freight rates caused by an exodus of older vessels out of Europe in the wake of the Erika spillage off France. Worldscale rate increases of up to 45 percent for North Sea trading Aframax tankers to W200 have been confirmed this week as big oil companies are not prepared to take the risk of chartering old ships. West African crude differentials were steady to lower amid very thin trade. Late last Monday, a Qua Iboe cargo for March 9-10 dates was sold at 32 cents under dated Brent, some 10 cents lower than Monday's assessments.


Med Crude-CPC Blend Under Pressure, Saudi OSPs Awaited

Russian Urals prices were steady on Tuesday as the market awaited Saudi Aramco's official selling prices for April, while Kazakh CPC Blend remained under pressure on ample supplies. There was no activity in the Platts window. Kazakh CPC Blend remained weak with buying interest coming at discounts to dated Brent while sellers offered over dated Brent plus 10 cents cif Augusta, above Monday's low deal, traders said.


North Sea Forties Up, VLCC at Hound Point

North Sea Forties crude differentials edged higher in quiet trade on Thursday as dealers eyed a potential VLCC shipment to South Korea and lower supplies next month. The BW Utah VLCC has docked near to the Hound Point loading terminal at the mouth of the Firth of Forth, ship tracking data showed, and is expected to load a cargo of crude to South Korea, traders said. There were no deals, but ENI increased its bid for a cargo of Forties for loading in late April to dated Brent plus 15


Puerto Rico Towing Receives Tug "HANDY THREE"

Jensen Maritime designed Tug Handy-Three

Puerto Rico Towing & Barge Co. is expanding the size of its tugboat fleet with the addition of the newly constructed Handy-Three which arrived in San Juan Thursday morning.   Puerto Rico Towing & Barge Co., a subsidiary of The Great Lakes Group, is located in San Juan, Puerto Rico, and has been providing vessel assistance and towing services to commercial vessels and barges in San Juan Harbor, other Inland Ports, and ports throughout the Caribbean for over 15 years


London Brent Futures Set New High

London IPE Brent oil futures set a new 22-month high of $21.30 a barrel in early trade today, jumping 54 cents from Friday's close. Dealers said a renewed pledge by leading exporters to retain tight curbs on exports was behind the price rise.


Oil Averages $18 In 1999

Oil Averages $18 In 1999 Oil prices in 1999 posted a 35 percent increase on average over 1998, in a triumph of output restraints by exporter group OPEC and key ally Mexico. International benchmark Brent blend for the year was averaging $18 a barrel near the close of business on the last trading day of the year. Brent averaged just $13.34 a barrel in 1998, the lowest in 22 years, when prices slumped amid global surplus caused by excess output and shrinking demand in collapsing Asian economies


Oversupply, Ebola Fears Drive Oil Below $86

ebola2.jpg

 * Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters poll * Commerzbank cuts price forecast on bearish OPEC signals (Updates prices, adds Middle East supply)     Brent crude fell below $86 a barrel on Friday on news of strong supply from Middle Eastern OPEC producers and as a confirmed case of Ebola in New York spooked global equities markets.  


Brent Crude Falls Below US$98

HFO: File image

Brent crude dropped below $98 a barrel on Thursday, falling for the sixth straight session, as worries about ample supply and weak demand, which have dragged prices to 17-month lows, outweighed geopolitical concerns in the Middle East. * US air strikes could threaten Islamic reprisals -risk manager * OPEC predicts 1 million bpd supply surplus in 2015 * WTI could drop to $85 a barrel -Ayers Alliance The market was concerned about the impact of the expansion of U.S


U.S. Crude Surges on Weak Dollar, Ukraine Concerns

Global oil prices surged on Tuesday as a weaker U.S. dollar boosted buying, while expectations for bullish inventory reports in the U.S. and fresh unrest in eastern Ukraine lent support. As the U.S. dollar plunged to session lows against the Japanese yen and the euro, U.S. crude oil spiked $2 to a session high of $102.44 per barrel. Brent rose as much as $1.48 to a session high of $107.30 per barrel. A weaker U.S


Controversial Brent Spar Disposal Costs Soar

Shell U.K. Exploration and Production said the final cost of a four-year project to decommission its controversial Brent Spar oil buoy had risen sharply. At a feedback seminar marking the effective completion of Brent Spar's conversion into a quay on the Norwegian coast, Shell officials also said that instead of resulting in a projected net gain in energy the project resulted in a net energy deficit. "Throughout the dismantling process we were faced with unexpected technical


MOL, Mitsui Ink Charter Deal

Courtesy  Cameron LNG

  Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This is the third newbuilding vessel chartered by Mitsui & Co., following a contract signed last September 26 for two carriers


Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document submitted by the finance minister to a parliamentary committee. That figure, which takes into account the positive financial impact


Brent Closes Up, U.S. Crude Down After Saudi King Dies

The new King of Saudi Arabia, Salman bin Abdulaziz Al Saud

  Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king, Salman, who took the throne on Friday morning after the death of his brother Abdullah


Towing Vessel Sinks off Oahu

Coast Guard crew members stand with 11 survivors of the Tug Nalani at Coast Guard Station Honolulu. (U.S. Coast Guard photo by Kevin Cooper)

A 95-foot towing vessel, Nalani, sank approximately two and half miles west of Barbers Point Harbor, Oahu, Thursday, the U.S. (USCG) Coast Guard reported. The 11 people on board Nalani were rescued safely.   The pilot aboard the sinking towing vessel placed a call at 3:13 p.m


Channel Closure for Dead Ship Tow

There will be a dead ship tow of the Dive Support Vessel UNCLE JOHN from the Mobile Sea Buoy to BAE Shipyard starting at approximately 0600 today. The 253 feet long, 173 feet wide rig will be towed by the tugs FINN FALGOUT and WILKEN FALGOUT with assist tugs provided by Crescent Towing.


Great Lakes Towing Announces Two New Hires

Mark W. Delventhal

The Great Lakes Towing Company has hired two new employees within its Great Lakes marine operations group. Lindsay R. Dew has been named Director of Operations & Compliance, and Mark W. Delventhal has been named Director of Technical Services & Business Development – both


U.S. Oil Traders Storing W.African Crude

Glencore, Suncor, ENI, Vitol all booking tankers; U.S. crude oil stocks at highest ever level for time of year. Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne


Traders to Store W.African Crude in US Until Prices Recover

Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude.  


Highest Tanker Shipping Rates in Six-Years

Courtesy: Dynacom Tankers Management

Morgan Stanley and Evercore Partners Inc. predicting the highest shipping rates in six-years are possible with demand to store oil on vessels is strengthening, says a Bloomberg report. Supertanker owners from Tokyo to Athens days that oil-at-sea storage demand has gone up. Frontline Ltd


SUNY Maritime: Bridging the Competency Gap

Tug & Barge Simulator

SUNY Maritime’s Cutting Edge Tug & Barge Simulator fills an enormous training hole in the tri-state area. When Morton S. Bouchard, III, maritime and political dignitaries officially opened the Bouchard Transportation Co., Inc. Tug & Barge Simulation Center on the campus of the State


Cargo Ship Disabled near Great Barrier Reef

A general cargo vessel experiencing mechanical issues near the Great Barrier Reef is under tow, the response coordinator Australian Maritime Safety Authority (AMSA) reported.   Antigua and Barbuda flagged general cargo vessel, Thor Commander


Great Ships of 2014: Allseas’ Pieter Schelte

Pieter Schelte at Daewoo shipyard

In a word, Pieter Schelte is BIG. Founded in 1985, Swiss-based Allseas Group S.A. is specialized in offshore pipeline installation and subsea construction. The company employs more than 2,500 people worldwide and operates a fleet of specialized


Venezuela's Oil Falls to $42.44

Image for Venezuelas oil

  Venezuela's petroleum export basket dropped to $42.44 per barrel this week from $47.05 last week to reach a 5-1/2-year low, the Petroleum Ministry said on Friday. The South American OPEC member's basket, which includes crude oil and refined products


US Navy Using Advanced Equipment in AirAsia Search

The littoral combat ship USS Fort Worth (LCS 3) operates near the location where the tail of AirAsia Flight QZ8501l was discovered. Fort Worth is currently supporting Indonesian-led efforts to locate the downed aircraft. (U.S. Navy photo by P. Turretto Ramos)

An eight-member team from Mobile Diving and Salvage Unit (MDSU) 1 onboard USS Fort Worth (LCS 3) is supporting the ongoing Indonesian-led search effort for AirAsia flight QZ8501 with advanced Tow Fish side scan sonar systems capable of providing high-resolution images of the ocean floor.  


Tsuneishi Builds 200th Kamsarmax Bulk Carrier

Ultra Lion (Photo: Tsuneishi Shipbuilding)

Tsuneishi Shipbuilding Co., Ltd. finished building an 82,000-mt D/W type bulk carrier Ultra Lion on January 7, 2015, marking the completion of the builder’s 200th Kamsarmax model vessel.   Built by Tsuneishi Group Shipbuilding, Inc






 
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