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.

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

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

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 SHEDS $0.61 IN SELL OFF

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.

Puerto Rico Towing Receives 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

Bay-Houston Orders Z-Drive Tug

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

Oil Edges To 20 Month High

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.

M Ship Co. Thinks “Outside the Box”

New Approach to Hull Testing & Rapid Empirical Innovation Program Unveiled. Hull testing literally has been taken out of the box and into the open ocean with M Ship Co.’s new Rapid Empirical Innovation (REI) program. The REI approach allows scaled-down hull models of recreational and racing sailboats, motor vessels, and cargo and military ships to be towed in real-life weather conditions by a self-powered FLOWT (short for “fast, low-cost

Puerto Rico Towing Assists 'Run Out of Gas' Ship

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.