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.
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.
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
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
World oil markets dove on Thursday, apparently fueled by speculators' sell-off. Benchmark Brent blend futures dropped $0.61 cents to $20.02 a barrel in late trading after overnight U.S. data indicated slower than expected demand growth for gasoline in the world's biggest oil consuming nation. Weekly government data showed U.S. gasoline inventories rose in the week to August 20 when dealers were expecting a large decline.
What goes down must come up? The world oil markets have again demonstrated the flair for the dramatic swing, moving higher on Wednesday, powered by stringent OPEC export limits and positive stocks news from the U.S. London August futures for benchmark Brent crude traded to a 20-month peak of 19.43 a barrel.
Tugs 'Triton' and 'Honcho' of the Puerto Rico Towing & Barge Co. recently assisted a drifting vessel off the coast of Puerto Rico. The cargo ship Global Destiny, owned and operated by Diavlos Maritime based in Athen, Greece, called for assistance the morning of Saturday, March 16. The vessel reported that it had run out of fuel and was drifting approximately five miles off the coast of Dorado, approximately nine miles north west of San Juan. Puerto Rico.
Baker, Lyman and Co., Inc. hired John Scarborough as senior consultant. He is an authorized agent for Germanischer Lloyd on the Corsair Towing Safety Management Systems (TSMS) Strategic Alliance for Subchapter M compliance software for the domestic towing industry. Scarborough holds a Maritime Law degree from Tulane University in New Orleans, Louisiana and a Bachelor of Arts from Duke University in Durham, North Carolina. He previously sailed with Rene J
Bay-Houston Towing Co. contracted with Orange Shipbuilding Co., Inc. of Orange, Texas to produce a second generation Robert Allan Ltd. designed Z-Tech tug. The design offers: · The forward deck (over the skeg) has a low, flat sheer, creating a spacious, relatively flat and safe working deck, without any obstructive anchor chains, etc. · For "sea-going" operations, the Z-Tech tug works astern in tractor mode
To serve its growing commercial maritime customer base in the Asia-Pacific region, KVH Industries, Inc. said it has doubled the service delivered by the JCSAT-1B satellite, which is part of KVH’s mini-VSAT Broadband network. This additional capacity, available as of last month
Marcon International, Inc. of Coupeville, Washington reported that the 5,570BHP tug Jabbar has been sold by Awal Marine Services of Manama, Kingdom of Bahrain to TradeWinds Towing LLC of Saint Augustine, Florida. Jabbar, meaning “powerful” or “tremendous” in Arabic
The growth in crude production in the Atlantic Basin will have a profound impact on regional crude supply/demand balances. According to PIRA Energy Group, a sizeable crude surplus will develop within the region, and crude will be forced to seek markets elsewhere
Scorpio Bulkers Inc. has entered into agreements for the purchase of six Kamsarmax dry bulk vessels and two Ultramax dry bulk vessels, as listed below: Shipbuilders Shanghai Waigaoqiao Shipbuilding Co. 82,000 dwt Q2-14 delivery date
Stevens Towing of Charleston, South Carolina has sold their U.S flag, twin screw tug “Island Fox” (ex Pt. Brower, Arctic Knight, Arctic Fox) to private foreign buyers. Marcon International, Inc. adds that they acted as broker for the sellers
Iran’s pledge to restrict nuclear work in return for loosened economic sanctions may have a limited effect on crude prices, report Bloomberg, citing analysts who regarded a 2.7 percent slump in Brent as a knee-jerk reaction. The six-month agreement
JonRie Marine Winches commissioned its new Super Series 220 Double Drum Escort Winch currently installed on the Tug Patriot (new ASDs for Marine Towing of Tampa) The Super Series 220 Double Drum Bow Winch was designed for a larger capacity rope
Inmarsat, a provider of global mobile satellite communications services, has announced that global shipping company MOL Ship Management Co. Ltd. have commenced migrating over 100 vessels to the FleetBroadband 6 gigabyte (GB) plan for the primary purpose of enhancing both crew welfare and
Power and automation technology group ABB won two orders in the third quarter to provide the waste heat recovery systems, each powered by a power turbine generator (PTG), for 14 new 8,800 TEU (twenty-foot equivalent unit) container vessels.
Classification society ClassNK issued the first Statement of Compliance for a ship recycling facility in Japan to Miyaji Salvage Co. Ltd.. certifying that the facility and its recycling procedures are fully in compliance with the Hong Kong International Convention for the Safe and Environmentally
The U.S. Energy Information Administration (EIA) releases latest short-term energy outlook. Monthly estimated domestic crude oil production exceeded crude oil imports in October 2013 for the first time since February 1995. Highlights as follows:
The U.S. Coast Guard towed a disabled catamaran with one person aboard Tuesday after the boat lost steering approximately six miles offshore from Cape May Inlet. Watchstanders at Coast Guard Station Cape May received a mayday call from the captain of the 44-foot Empire State reporting the boat
Tanker operator’s hopes have been buoyed recently by a sharp upturn in crude tanker rates. Historically, tanker rates over the last two months of the year are the seasonally strongest, and this seems to be playing out this year, according to PIRA Energy Group's latest Market Recap.
After a 5,233 nautical mile tow of the ocean crane barge Thomas W from Long Beach, California through the Panama Canal, the Miss Lis reached its destination in the Hudson River, New York. The journey took 52 days. Tug and tow departed Long Beach during the first full week of August and arrived in
Designed by Jensen Naval Architects and Marine Engineers, and built by the Great Lakes Shipyard of Cleveland, Ohio a 74-foot workboat is quickly making a name for itself; in and out of the water. The “HandySize” Class Tug was designed to fill the niche between the 2,400 to 3