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
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 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.
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 & 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 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
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.
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
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.
A hybrid electric ferry using Corvus Energy's advanced lithium polymer battery solution was commissioned today in Copenhagen, Denmark by Scandline. The Princess Benedikte ferry refit represents the conversion of a former diesel electric ferry to a hybrid vessel and a major advance in green ferry
The Coast Guard and Maritime Transportation Act of 2004 (Aug. 9, 2004), established new authorities for towing vessels. Out of that came a proposed regulatory scheme requiring towing vessels to become inspected vessels and obtain a Certificate of Inspection (COI)
MarineCFO, a provider of software solutions to the marine transportation industry and a division of Verticalive Inc., announced that E.N. Bisso & Son, Inc., has chosen to implement the full MarineCFO Enterprise software suite, including personnel, pperations, maintenance, and vessel live.
Amelia Island, Florida: At the second annual Workboat Exchange, held in April at the Ritz Carlton Hotel on beautiful Amelia Island, Florida, about 160 marine buyers and sellers alike got a full taste of the best food, weather and accommodations that the Sunshine state has to offer
China Shipping Industry (Jiangsu) has begun construction of the largest container ship yet to be built in China. The 10,000TEU container ship is being built for China Shipping Container Lines Co., Ltd. (CSCL) which the shipbuilders describe as the realiization of their dream by the construction
105 years young, Markey Machinery has a strong history in the workboat and oceanographic market, and according to Blaine Dempke the orderbook is full and the future is bright. Blaine Dempke, President, Markey Machinery, is somewhat like the company he leads: long-term and steady
Rand Logistics, Inc. announced the hiring of Robert (Bob) Bezan for the newly created position of Vice President of Planning and Analysis at its subsidiary, Lower Lakes Towing Ltd. In this role, Bob will be responsible for all operational planning and analysis activities for the Company
Stork Technical Services, a global provider of knowledge-based asset integrity management services for the oil and gas, chemical and power sectors, won two awards at this year’s U.K. Oil and Gas Industry Safety Awards. Marc Brankin, Scaffold Chargehand for Stork won The Most Promising
Many marine service companies are acquiring boat-towed metal detectors and magnetometers to assist in salvage operations and geophysical surveys. These devices can locate a variety of targets including sunken vessels, ship anchors and propellers, pipelines
China Shipping Container Lines Co. orders the world’s biggest container ship, taking over the title from Maersk Line. Hyundai Heavy Industries Co. will build five vessels each capable of carrying 18,400 20-foot containers for $700 million for China Shipping, the Ulsan
Mitsubishi Heavy Industries, Ltd. (MHI) and Chengxi Shipyard (Xinrong) Co., Ltd. in China have agreed to collaborate in the ship repair business through installation of ballast water treatment systems (BWTS). The two companies signed the agreement on April 26.
The American Association of Port Authorities’ (AAPA) 2013 Maritime Economic Development Workshop in Chicago, June 27-28, will explore the factors driving today’s investments in seaport and related infrastructure. The program's speakers will analyze the risks and rewards for undertaking
Great Lakes Towing Company tugboats 'Wyoming' & 'Idaho' free the grounded freighter 'Spruceglen' in Lake St. Claire. The Great Lakes Towing Company, which celebrates 115 years of service this year, provides tugboat and towing services, ship assist, logistics and cargo transportation
The third of four Ocean Class Tugs has been delivered to Crowley from Bollinger Marine Fabricators. The Ocean Sun is DP 2, measures 156 feet in length and is rated at 10,880 HP. The vessel is outfitted for long-range, high-capacity ocean towing, rig moves, platform and floating production
The Pilbara Apollo, the latest addition to the RAstar 3200 escort tug series was delivered to its owners, Rio Tinto Ltd., earlier this year. The vessel was constructed at Uzmar Shipbuilding Industry Co. in Turkey and will operate at Rio Tinto’s iron ore export facilities at Cape Lambert