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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)


Oil Turns Lower after US Crude Build

A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production cuts in Canada's oil sands region due to a wildfire.   U.S. crude stocks, which have been setting record highs since January


OMB - Subchapter M Cleared for Publication

File Image: an aerial view of a typical fleeting operation on Americas inland rivers (WCI)

The Office of Management and Budget (OMB) completed its review of the draft final rule entitled Inspection of Towing Vessels, also known as "Subchapter M." The document has been returned to the Department of Homeland Security (DHS) and the US Coast Guard for final preparation prior to


DNS Appoints Esson, Chief Executive

Roger Esso Photo DNS

Decom North Sea (DNS), the representative body for the offshore decommissioning industry, which promotes and facilitates collaboration and cost reduction, today appointed a new chief executive.   Roger Esson brings over 20 years’ highly relevant experience as DNS continues to play a


Disabled Fishing Vessel Towed to Maine

Coast Guard Cutter Moray tows the fishing boat Paulo Marc after it became disabled east of Portland, Maine (USCG photo)

 The 60-foot fishing boat Paulo Marc was towed by the crew of U.S. Coast Guard Cutter Moray after the fishing vessel became disabled Wednesday about 90 miles east of Portland, Maine.   Watchstanders at Sector Northern New England’s command center received notification at


Hanjin Shipping, Hyundai Merchant Merger Talks in Air

Photos: Hanjin Shipping and Hyundai Merchant Marine

 A report in WSJ says that Hanjin Shipping Co has applied for a creditor-led debt restructuring to avoid bankruptcy, reviving talk of a possible merger with rival Hyundai Merchant Marine Co. (HMM).   It could be merged as a part of the government-led restructuring of ailing industries


Crude Prices up 3% on Gasoline Rally, Weak Dollar

Crude oil prices rose about 3 percent on Tuesday on the back of a rally in the gasoline market and as a tumbling dollar boosted commodities denominated in the greenback after bets the Federal Reserve will hold U.S. interest rates where they are.  


Great Lakes Shipyard Hires Skeeter as GM

Photo courtesy of The Great Lakes Towing Company

The Great Lakes Towing Company announces the addition of Nikita Skeeter, a maritime professional with over 25 years of experience in shipbuilding and production management, as General Manager of Great Lakes Shipyard.   Skeeter’s management experience includes multiple


HCI Capital Acquires Ernst Russ GmbH

Schiff Courtesy HCI Capital

 HCI Capital AG acquires the long-established Hamburg shipping company Ernst Russ GmbH & Co. KG. The HCI Group, which early in 2016 already the majority of the shares of König & Cie. Group had taken, thus expanding again the controlled fleet and strengthen its maritime services


Eastern Cranking Out Escort Tugs

Neptune (Photo: Eastern Shipbuilding Group, Inc.)

Eastern Shipbuilding Group, Inc. delivers the escort tug Neptune to Suderman & Young Towing Company and launches the Escort Tug David B to Bay-Houston Towing Co.   Eastern Shipbuilding Group, Inc. has delivered the escort tug Neptune (Hull# 237) on March 28, 2016


Algerian Crude Returns to US East Coast

Phillips 66 has purchased a cargo of Algerian crude oil for its Bayway refinery in New Jersey for the first time since 2013, two sources said, the latest U.S. refiner on the East Coast to shun domestic crudes in favor of cheaper imports.  


VT Halter Launches Tug for Bouchard

Frederick E Bouchard launch Photo Courtesy VT Halter Marine

VT Halter Marine, Inc. (VT Halter Marine), a company of Vision Technologies Systems, Inc. (VT Systems), announces the launch of the M/V Frederick E. Bouchard, at its Moss Point Marine Shipyard Facility in Escatawpa, Mississippi on Thursday, March 31, 2016. M/V Frederick E


Floating Production's Future: The 6 Things You Need to Know Now

Bonga FPSO (Photo: Shell)

No question that the market for new floating production systems has taken a battering.   The past 12 to 18 months have been a difficult period for everyone in the business sector.  Absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel


Barge Breakaway on the Mississippi River

The U.S. Coast Guard said it is responding to an allision and barge breakaway on the Mississippi River at mile marker 43.7 near Thebes, Ill., Wednesday.   Tow vessel Michael G. Morris allided with the Thebes Railroad Bridge at mile marker 43


Oil Prices Rise in Thin Asian Trade after Break

Oil prices rose in early Asian trading on Monday after a three-day break, but volumes were tiny as a number of markets remain on holiday for Easter.   U.S. crude's front-month contract was up 37 cents at 39.83 a barrel at 0055 GMT.  


CHIC Cranes for Zvezda Shipbuilding Complex

Zvezda Far East Shipyard and Nantong COSCO Heavy Industry Co.,Ltd(CHIC) have signed a contract for the supply of 9 cranes for Zvezda shipyard in the presence of Igor Sechin, Rosneft Chairman,  Management Board Photo Rosneft

Contracts for unique equipment supplies were awarded during the visit of Rosneft Chairman of the Management Board Igor Sechin to China. Zvezda Far East Shipyard and Nantong COSCO Heavy Industry Co.,Ltd(CHIC) have signed a contract for the supply of 9 cranes for Zvezda shipyard in the presence






 
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