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Urals Weakens Further in Baltic

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."


“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


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


Brent up to $61, First Monthly Gain Since July

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


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.


Med Crude-Urals Stronger in Med, Still Weak in Baltic

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.  


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


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


Brent Crude Falls More than 7 Percent

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)


S.Korean Utilities to Lift 1.5 mln Tons of U.S. Coal

File Image (CREDIT: AdobeStock)

South Korean utilities jointly bought a total of 1.5 million tonnes of coal from the United States to arrive from the third quarter, a spokesman at one of the utilities said on Tuesday.   The purchase comes as South Korea, the world's fourth-largest coal importer


Coalition Urges Congress to Address Asian Carp in the Great Lakes

© Dale Stagg / Adobe Stock

A coalition of maritime business and industry organizations sent a letter to key Members of Congress on Friday, March 24 urging funding for the Great Lakes Restoration Initiative (GLRI) to further support efforts undertaken by the State of Illinois to slow


Statoil Wins Licences Off UK, 'Resets' Exploration Off U.S.

Norway's Statoil was the second top bidder for 13 oil exploration leases in the U.S. Gulf of Mexico and won six licences offshore Britain, it said on Thursday, in a sign it may be looking to boost reserves after slashing costs. "The importance of oil companies' ability to replenish


Potential Maritime Disaster Averted

Photo: TNPA

Collaboration between the Ports of East London and Ngqura, together with the South African Maritime Safety Authority (SAMSA), helped avert another potential maritime disaster in the Eastern Cape during the past week.   Transnet National Ports Authority (TNPA) towed the BBC Shanghai


Global Maritime Promotes Thomassen

Espen Thomassen (Photo: Global Maritime)

Marine, offshore and engineering consultancy Global Maritime Consultancy & Engineering has appointed Espen Thomassen as Regional Manager for the Americas. Thomassen has been tasked with growing Global Maritime’s business throughout the region, which, in addition to Houston


Harley Marine Christens Earl W Redd

Earl W Redd (Photo: Harley Marine Services)

Harley Marine Services christened its newest tractor tug Earl W Redd, officially welcoming her to the fleet on Friday, February 10.   Built at Diversified Marine of Portland, Ore., the Earl W Redd features twin Cat 3516 Tier 4 Final main engines that will each produce 2,675 horsepower at 1


Submerged Tug Lifted on the Mississippi

The stricken towing vessel Sonny J has been raised and dewatered Sunday after it was partially submerged on the Lower Mississippi River near Vidalia, La.   On February 26 local U.S. Coast Guard watchstanders received a report that the Sonny J was partially submerged near Vidalia, La


GAIL, Gunvor Sign Time-Swap for U.S. LNG

File Image: CREDIT MISC

State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies.  


d’Amico Delays Delivery of LR1 Tankers

Photo:  d’Amico ​Società di Navigazione SpA

 Tanker shipping company d’Amico Tankers agreed with Hyundai Mipo Dockyard Co.Ltd. – South Korea to postpone the delivery of its first newbuilding LR1 (Long Range – 75,000 dwt)from April 2017 to October 2017.   This agreement follows a specific request of an oil major


AlphaBridge Delivered to the RT Trident

Photo: Alphatron Marine

Alphatron Marine has handed over the turnkey AlphaBridge tugboat console solution onboard the RT Trident to Seabulk Towing Inc. located in Fort Lauderdale, Fla. This tug bridge concept has been fully equipped with a JRC/Alphatron Marine navigation and communication package.  


More Room for Asian VLCC Rates to Fall

Image: Ocean Freight Exchange

VLCC rates on the AG/Japan route tumbled by nearly w10 points within a day to w60 on Tuesday, after news of S-Oil placing Australis on subs for an AG/Onsan run at w54.75, loading March 13-15 basis 274kt, broke. Charterers went for the jugular


Damaged Tug Heads to Seattle for Repair

The U.S. Coast Guard said it has green lighted a transit plan for the damaged tug Samson Mariner to head south from Ketchikan, Alaska for repairs in Seattle. The vessel departed on Tuesday accompanied by an escort tug.   Samson Mariner was damaged and spilled approximately 1


Hull Failure, Flooding, Led to Fishing Vessel Casualty

The approximate locations of the critical events associated with the Dec. 2015, sinking of the fishing vessel Orin C., including (1) where the Orin C was taken in tow by the Foxy Lady; (2) where a large wave damaged the Orin C and parted the tow line; (3) where the Orin C was when the Coast Guard motor lifeboat arrived on scene; (4) where the Orin C sank and where its crew was rescued; and (5) where the Coast Guard attempted to deploy a rescue swimmer from a helicopter. (NTSB graphic over Nation

The December 2015 sinking of fishing vessel Orin C and fatality of a mariner on board were cause by structural failure of the vessel’s hull and subsequent flooding, according to a marine accident brief released by the National Transportation Safety Board (NTSB).  


Harley’s Latest tug begins service

MV Earl W Redd, Photo Harley Marine 2017

The latest addition to the Harley Marine fleet is now completing sea trials and preparing to enter service. The “M/V Earl W. Redd” will be operated under the flag of the Olympic Tug & Barge unit of Harley. The 120 foot tractor tug, built by Diversified Marine Inc


De Boer Remorquage SARL Orders Custom Tugs from Damen

Photo courtesy of Damen Shipyards

Baggerbedrijf De Boer B.V. (Dutch Dredging B.V.) has ordered two custom, special-purpose tugs to be built at Damen Shipyards Hardinxveld in the Netherlands through the subsidiairy De Boer Remorquage SARL. The tugs are for a 10-year contract with Grand Port Maritime de Guyane in the ports of






 
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