BRENT TOWING CO
Russian Urals crude differentials continued to slide in the Baltic on Thursday amid a flurry of activity with softer refining margins, pushed down by higher oil prices, still keeping buyers at bay. In the Platts window, Statoil bought a 100,000-tonne cargo from Glencore for loadings on Oct. 18-22 in the Baltic at dated Brent minus $2 a barrel, some 20 cents weaker than on Wednesday, traders said. Litasco, Total and Vitol have found no buyers with offers of minus $1.80, $1.75 and $1.85 to dated Brent correspondingly. In the south, Litasco increased its bids for 80,000 and 140,000 cargoes to minus 95 cents and minus $1.20 to dated Brent respectively, without success. The were no deals with both Azeri and CPC Blend in the Platts window. Oil exports through the Baku-Tbilisi-Ceyhan (BTC) pipeline via Georgia and Turkey declined by 0.9 percent year-on year to 21.6 million tonnes in the first nine months of 2015 from 21.8 million tonnes in the same period a year ago, a source at Azeri state energy company SOCAR said on Thursday. Kuwait Petroleum International (KPI) and Swiss-based trading house Gunvor said on Thursday they had entered the final stage of talks on the sale of KPI's Europoort refinery in Rotterdam. Goldman Sachs said a rally in oil prices would probably reverse as it had little fundamental support, and the bank reiterated its expectation that prices would likely remain "lower for longer."
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
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
Brent premium over U.S. crude widens to $12; China's implied oil demand set to grow 3 percent this year. Crude oil futures rebounded on Friday and Brent headed for its first monthly gain since July, helped by strong investor inflows, an improving demand outlook and supply outages. At 1148 GMT, Brent crude futures were up 92 cents at $60.97 a barrel, off an earlier high of $61.75. U.S. crude was up 78 cents at $48.95 a barrel. Both contracts tumbled on Thursday, with U.S
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
Russian Urals crude price differentials strengthened slightly on Tuesday in the Mediterranean while hovering near their weakest in 17 months in the Baltic due to abundant supplies. In the Platts window, Glencore offered a Nov 13-17 Urals cargo in the Baltic at dated Brent minus $3.05 a barrel and Vitol a Nov 15-19 cargo at minus $2.80, but found no bidders as the asking prices were seen as too ambitious, traders said.
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 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
Brent crude futures tumbled more than 7 percent on Tuesday, falling back below $50 a barrel as data highlighting China's contracting manufacturing sector revived concerns about global demand for petroleum. Brent October crude was down $4 at $50.15 a barrel at 11:55 a.m. EDT (1555 GMT), just after falling as low as $49.72. (Reporting by Robert Gibbons; Editing by David Gregorio)
Cosco (Dalian) Shipyard Co., Ltd., a subsidiary of its 51 percent owned Cosco Shipyard Group Co., Ltd., has delivered two jackups to the Foresight Group of companies through United Arab Emirates-based drilling and rig management services firm Hallworthy International FZC.
The Company: A leading US maritime consultancy established in 1996, SMSLLC provides practical risk mitigation solutions for vessel operators and stakeholders. Clients include a broad range of operators including Genesis Marine, American River Transportation Company, Seabulk Towing
The Company: A wheelhouse favorite for generations, Baker, Lyman & Co. is the oldest NOAA & Admiralty Chart Agent in the United States. Baker Lyman has been provisioning vessels with nautical charts, electronic charting systems, publications, safety/educational materials
On July 29, 2016, Eastern Shipbuilding Group, Inc. delivered Oceanus (Hull# 240), the third in series of four identical Robert Allan, LTD. (RAL) designed Z-Tech 2400 Class Terminal & Escort Tugs built for Suderman & Young Towing Company at Eastern’s Nelson Street facility.
The Company: ClassNK is dedicated to ensuring the safety of life and property at sea, and the prevention of pollution of the marine environment. Bolstered by a workforce of more than 1800 engineers, surveyors and maritime professionals, ClassNK focuses on delivering the highest quality
In June this year, the Singapore Exchange (SGX) introduced sustainability reporting on a ‘comply or explain’ basis. To assist and encourage the maritime sector to embrace the new requirement for Sustainability / Integrated reporting
U.S. Coast Guard, industry working together in preparation for the implementation of inspected towing vessel regulations Marine Inspectors from Marine Safety Unit (MSU) Portland conducted a field dry dock examination, Wednesday, to educate and train the towing vessel community on new
Oil prices were up about 1 percent on Friday, on track for their biggest weekly gains since May, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market.
In July, Marquette Transportation Co. took delivery of a new 2,000-hp Z-drive towboat from Master Marine, Inc., Bayou La Batre, Ala. The 78'x 34’x11' St. Matthew was designed by Entech Designs, La. for Marquette’s river division, based in Paducah, Ky.
Ince & Co’s London and Piraeus corporate, finance and shipping teams have advised long-standing client Danaos Corporation on Korean container line Hyundai Merchant Marine Co. (HMM), Ltd.’s US$2.1 billion restructuring.
Severe weather has caused semi-submersible drilling rig Transocean Winner to break free from tow and run aground off the western isles of Scotland, the U.K. Maritime & Coastguard Agency (MCA) said. There are no personnel on board the rig and there is no risk to life, MCA said
U.S. crude oil exports plunged by more than 40 percent in June, foreign trade data from the U.S. Census Bureau showed on Friday, after Brent's premium to U.S. crude hovered in a tight band earlier this year. Total exports dropped to 383,000 barrels per day from May's record of 662,000 bpd
The American Waterways Operators (AWO) will hold Subchapter M information sessions open to both members and nonmembers at its summer regional meetings in Portland on August 10, in Pittsburgh on August 17 and in New York on August 24.
On June 20, 2016, the U.S. Coast Guard promulgated its long awaited or dreaded (depending on your perspective) final rule regarding inspection of towing vessels. The new regulations, which will enter into effect on July 20, derive from a 2004 legislative amendment which added towing vessels to the
Stock markets in the Gulf may be weighed down by soft oil prices and the aftermath of a mediocre corporate earnings season on Sunday, while Egypt's index may be boosted slightly as its currency strengthens on the black market. The September Brent oil contract settled at $42