BRENT TOWING CO
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.
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 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 & 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
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
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.
* 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 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
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
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
As the holiday season and the end of another year quickly approaches, the towing industry patiently waits for the Coast Guard to finalize the long-awaited towing vessel inspection rule. More than 10 years ago, Congress passed the Coast Guard and Maritime Transportation Act of 2004
It is not often that I break out the tux for my editorial picture, but this special edition dictates. I know that I should argue that all of our editions are special, but this one in particular, I must admit, stands out in a number of ways.
The ASD tugs KST Passion and KST Pride were were delivered to their owner, Keppel-Smit Towage Pte. Ltd of Singapore in October 2014. The two vessels are the first in the new RAmparts 3300AV series of tug designs by Robert Allan Ltd., and were constructed at the AVIC Zhenjiang Shipyard Marine Pte
The Norsafe JYN100 is a conventional Totally Enclosed Lifeboat (TELB) which is designed and built in accordance with the latest NORSOK R-002 standards, with a capacity of 106 persons. The advanced hydraulic davit systems are specially designed for platform installation/decommissioning and pipelay
Low solar and wind power supply expectations on Monday boosted European prompt power prices with demand supported by a gradual turn towards colder weather. Point Carbon forecasts showed German solar supply on Tuesday likely to come in at 0.9 gigawatt (GW), down from 1.9 GW on Monday
Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell
Brent crude jumped almost $2 a barrel on Friday for its biggest daily gain in three weeks as support emerged a day after prices crashed to four-year lows below $80, but analysts were skeptical the rebound would continue, citing concerns over oversupply.
JK Fabrication (Nordic Machine) wins emergency tow reel order from Olympic Tug and Barge Olympic Tug and Barge, a Harley Marine Services Company, has selected four JK Fabrication emergency tow storage reels for new barges being built at Zidell Shipyard in Portland (the first two) and Vigor
Fully loaded barges headed to export market abruptly halted. Waterways Council, Inc. (WCI) and its agricultural and other commodity shipper members and towboat operators are reacting to the U.S. Army Corps of Engineers’ decision to perform, over the next 13 days
Capacity expansions address the rising satellite communications demands of the Brazilian offshore oil and gas industry, inland waterway shipping and other markets throughout South America KVH Industries, Inc. announced major capacity increases for its mini-VSAT Broadband network at the OilComm
Saudi Arabia cuts oil prices for U.S. customers; Brent and WTI touch respective 4-year and 3-year lows. Brent crude oil fell more than 3 percent to its lowest in over four years near $82 a barrel on Tuesday, after top oil exporter Saudi Arabia cut sales prices to the United States.
Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines. Diesel United is a long-standing member of the Wärtsilä family of low-speed
A government study on Thursday essentially supported the notion that easing the decades-old restriction on exporting U.S. crude was more likely to lower than raise gasoline prices for American motorists, a conclusion that could ease concerns among lawmakers about changing the policy.
The Great Lakes Shipyard in Cleveland, Ohio, has been contracted by New York Power Authority (NYPA) to build and deliver two new tugboats for the Niagara Power Plant’s winter operations in Buffalo, N.Y. The new tugs will augment and replace aging vessels that are used for the installation
The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co., Ltd, has delivered a 80,000 DWT bulk carrier, "CIC EPOS", to its European Buyer.