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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.


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


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.


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


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


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


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


Brent drops towards $107 on better supply outlook

 Brent futures eased towards $107 a barrel on Friday as the global supply outlook improved with more Libyan supplies expected to reach the market, although growing tension between the West and Russia over Ukraine put a floor under prices.   Oil prices also came under pressure as producer-group OPEC said it sees lower demand for its oil this year, highlighting concerns over the economy and competition from rival producers


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


KO-LINK Towing Ring Now Available from Lankhorst Ropes

The lightweight KO-LINK towing ring increases towing line service life

The KO-LINK towing ring, developed by international maritime service provider KOTUG International BV, is now available exclusively from maritime ropes supplier Lankhorst Ropes under a worldwide marketing agreement. The KO-LINK ring significantly increases synthetic towing line service life by


TWC Funds Training of 195 Mariners at San Jacinto College

Check presentation: Photo credit - see text

Texas Workforce Commission (TWC) informs that its Chairman, Andres Alcantar, recently visited the San Jacinto College maritime training center to present a $368,173 Skills Development Fund grant for maritime job training. The TWC Skills Development Fund grant will fund training for 195 mariners


Oil Edges Below $99 but Supply Risks in Focus

Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.S. dollar. Threats to supply as Libya's output fell and talk of OPEC production cuts limited the decline for


Dann Marine Repowers With Cummins Tier 3 Engines

Photos courtesy of Dann Marine

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was built at Rayco Shipbuilders in 1980 and is one of Dann Marine’s 18-tug fleet. She is 65 feet overall with a 24-foot beam and an 8


Oil Falls As Weak U.S. Jobs Data Adds to Demand Worries

  Crude oil futures fell on Friday and ended the week more than 2 percent lower as disappointing jobs data from the United States cast doubt about the strength of economic growth in the world's biggest oil-consuming economy. U.S. jobs figures showed nonfarm payrolls increased by just 142


China's Unipec Books Megatanker to Store Crude

Chinese oil trader Unipec has booked one of the world's largest ships to store crude off Singapore, trade sources said on Monday, hiring a 3.2 million barrel capacity supertanker to hold the oil at sea until prices recover. The TI Europe is one of just a handful of Ultra Large Crude Carries


MAN Diesel & Turbo, QMD Ink License Agreement at SMM

On Tuesday September 9, 2014 at Hamburg’s SMM Marine trade fair, MAN Diesel & Turbo signed a new license agreement with QMD, a member of the CSIC Group together with Dalian Marine Diesel Co., Ltd. and Yichang Marine Diesel Engine Co., Ltd


Brent Crude Hits 16-month Low Under US$99

HFO: File image

Brent crude dropped to a 16-month low under $99 per barrel on Wednesday, stretching its losses into a fifth session amid continued worries about rising supplies and weak global demand. While a larger-than-expected fall in weekly U.S. crude stocks kept a floor under oil prices


USCG Rescues Fisherman off Massachusetts

USCG photo

A fisherman was rescued by the United States Coast Guard (USCG) after his 40-foot fishing vessel became caught in the surf on the Chatham Bar in Chatham, Massachusetts, Wednesday.  USCG Watchstanders at Sector Southeast New England received a notification from a good Samaritan informing


License Agreement Signed by MAN Diesel & Turbo at SMM

License agreement signed by MAN Diesel & Turbo at SMM

  On Tuesday September 9, 2014 at Hamburg’s SMM Marine trade fair, MAN Diesel & Turbo signed a new license agreement with QMD, a member of the CSIC Group together with Dalian Marine Diesel Co., Ltd. and Yichang Marine Diesel Engine Co., Ltd


Brent Holds Above $98 Despite Weak Demand

HFO: File image

Brent crude held above $98 a barrel on Friday, heading for its worst week in six as concerns over weak demand outweighed geopolitical worries in the Middle East and Ukraine. * China, Europe oil demand growth slows at remarkable -IEA * Geopolitical tensions ratchet up over Syria


SUNY Maritime to Host Towing Industry Forum

The State University of New York Maritime College's Department of Professional Education and Training will host its 15th annual Towing Industry Forum Wednesday, October 15, 2014. The event’s itinerary is as follows: 0830–0900 Sign-in and continental breakfast


Short-Term U.S. Energy Outlook

Short-Term Energy Outlook - U.S. Energy Information Administration  EIA .

  The U.S Energy Information Adminstration have provided projections in their short-term Energy Outlook. The highlights are as follows: Highlights     * Driven in large part by falling crude oil prices, U.S. regular gasoline retail prices fell to an average of $3


Innovative KO-LINK Towing Ring from Lankhorst Ropes

KO-LINK towing ring, developed by international maritime service provider KOTUG International BV

  The innovative KO-LINK towing ring, developed by international maritime service provider KOTUG International BV, is now available exclusively from leading maritime ropes supplier, Lankhorst Ropes, under a worldwide marketing agreement


Brent Oil Hits 26-month Low Under US$97

HFO: File image

 Brent crude oil on Monday slumped to its lowest in over two years, below $97 per barrel as lacklustre economic data from China, the world's top energy consumer, cast a shadow over the outlook for oil demand at a time of abundant supply.






 
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