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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)

INS Viraat on its last Journey

INS VIRAAT is being towed

The INS Viraat is on the last journey and the ship is being towed back by three tugs to Mumbai for the decommissioning. SCI Mukta, an Anchor Handling & Towing Vessel (AHTS) of the National Flagship Carrier i.e. The Shipping Corporation of India Ltd

TorQuest Partners Invests in McKeil Marine

Steve Fletcher (Photo: McKeil)

TorQuest Partners has invested in McKeil Marine, in partnership with existing management and shareholders, the two companies announced. Terms of the investment were not disclosed.   McKeil also announced that Steve Fletcher, President, who has been with McKeil for 17 years

ABS Gains AWO RCP Auditor Status

(File photo: Eric Norcross)

AWO qualifies ABS to perform towing safety management audits   ABS has been approved by the American Waterways Operators (AWO) to carry out audits of its Responsible Carrier Program (RCP), a safety management system for tugboat, towboat and barge companies

Torrent Power Seeks 38 LNG Cargoes

Indian private-sector power utility Torrent Power is seeking 38 cargoes of liquefied natural gas (LNG) for delivery over four years beginning April 2017, in what is likely to be the firm's first import tender.   The firm is seeking offers for 22 cargoes to be delivered to Dahej LNG import

Rolls-Royce to Equip ECO’s New Tugs

Image: Rolls-Royce

Rolls-Royce has signed a contract with Edison Chouest Offshore (ECO) worth more than $41 million to deliver propulsion and deck machinery for 13 new tugs, including five which will have a direct bollard pull of around 150 metric tons.  

Steel Cut for CIMC ORIC's First FORAN Project

Photo: SENER

The steel cutting ceremony of the first project designed with the FORAN system by CIMC Ocean Engineering Design and Research Institute Co., Ltd. (CIM ORIC) was held in the Chinese shipyard Zhoushan Changhong International Shipyard Co., Ltd. on September 23.

Smith Berger Tow Pins Lead the Way

Smith Berger Marine, Inc. said it has been selected by Edison Chouest Offshore to design and manufacture the Tow Pin Stern Roller units required on its nine new vessels, including five escort tugs and four docking tugs.   Edison Chouest is building the new tugs in order to execute a 10-year

Towing Industry Safety: AWO & USCG Joint Analysis … By the Numbers

Source: USCG

For 16 years, the National Quality Steering Committee has used three measures to track overall trends in safety and environmental protection. While not all-encompassing, the measures are considered to be useful indicators of towing industry trends. The measures are:

Cosco Raises $1.8bln Capital

Photo: COSCO

 China’s COSCO Shipping Development Co Ltd  announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily.  

Oil Rises on Record Indian Imports, Hopes of Output Caps

Oil prices edged up on Wednesday, supported by record Indian crude imports and talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.   Global benchmark oil futures, the Brent and U.S

Master Marine Delivers Z-Drive Tug to Marquette

St. Simon (Photo: Master Marine)

Marquette Transportation Co. has taken delivery of a new 2,000-hp Z-drive towboat from Master Marine, Inc., Bayou La Batre, Ala.   The 78'x 34’x11' St. Simon was designed by Entech Designs, La. for Marquette’s river division, based in Paducah, Ky.  

MacGregor in JV with China State Shipbuilding

Photo: Cargotec

 MacGregor, part of Cargotec, and China State Shipbuilding Corporation's (CSSC) Nanjing Luzhou Machine Co Ltd (LMC) signed a joint venture contract  to form CSSC Luzhou MacGregor Machine Co Ltd.    Subject to all relevant authority approvals, expected within this year

Horizon Flips First Hull for McAllister

Photo: Horizon Shipbuilding

Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. said it has reached milestone in its contract with McAllister Towing.    The Capt. Brian A. McAllister, the first of up to four hulls, has been flipped and set on the shipbuilding ways

Asian LNG Prices Rise to Highest Levels

Photo: Chamber of Shipping of British Columbia

 Asian liquefied natural gas (LNG) gas prices reached a nine-month high this week as demand from India, Japan and South Korea underpinned sentiment, reports Reuters.   LNG for November delivery were about $6.20 per million British thermal units (mmBtu), 10 cents higher than last week

Oil Rallies as Hopes Grow for Output Cut

Oil rallied to four-month highs on Thursday, underpinned by a surprisingly large drop in U.S. inventory levels the previous day and by growing expectations for the world's largest producers to agree to cut supply. Brent crude futures were last up 55 cents on the day at $52

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