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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.


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.


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


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


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 Below US$98

HFO: File image

Brent crude dropped below $98 a barrel on Thursday, falling for the sixth straight session, as worries about ample supply and weak demand, which have dragged prices to 17-month lows, outweighed geopolitical concerns in the Middle East. * US air strikes could threaten Islamic reprisals -risk manager * OPEC predicts 1 million bpd supply surplus in 2015 * WTI could drop to $85 a barrel -Ayers Alliance The market was concerned about the impact of the expansion of U.S


Oversupply, Ebola Fears Drive Oil Below $86

ebola2.jpg

 * Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters poll * Commerzbank cuts price forecast on bearish OPEC signals (Updates prices, adds Middle East supply)     Brent crude fell below $86 a barrel on Friday on news of strong supply from Middle Eastern OPEC producers and as a confirmed case of Ebola in New York spooked global equities markets.  


U.S. Crude Surges on Weak Dollar, Ukraine Concerns

Global oil prices surged on Tuesday as a weaker U.S. dollar boosted buying, while expectations for bullish inventory reports in the U.S. and fresh unrest in eastern Ukraine lent support. As the U.S. dollar plunged to session lows against the Japanese yen and the euro, U.S. crude oil spiked $2 to a session high of $102.44 per barrel. Brent rose as much as $1.48 to a session high of $107.30 per barrel. A weaker U.S


US Could Eliminate Energy Imports -EIA

Figure 1 (Source: EIA)

EIA's AEO2015 projects that U.S. energy imports and exports come into balance, a first since the 1950s, because of continued oil and natural gas production growth and slow growth in energy demand   The Annual Energy Outlook 2015 (AEO2015) released today by the U.S


Duluth-Superior Awaits First Saltie of 2015

Photo: Duluth Seaway Port Authority

The Port of Duluth-Superior informs it is preparing to welcome its first oceangoing ship of the 2015 commercial shipping season, the Kom, the first “saltie” to have made a full transit of the 2,342-mile Great Lakes-St. Lawrence Seaway.    


Imabari Invests in Shipbuilding

Japanese Yard to Build World’s Largest (20,000 TEU) Containerships Imabari Shipbuilding Co., Ltd. secured newbuild orders with the cooperation of Marubeni Corporation for eleven 20,000TEU Ultra-Large Container Carriers, when delivered the largest containerships in the world.


2015: An Action Year for Subchapter M

Jennifer Carpenter

For all of the predictions and prognostications that have been made over the last ten years, one thing is objectively true: the publication of Subchapter M – the U.S. Coast Guard’s long-awaited towing vessel inspection rule – is closer than it’s ever been.


USCG Rescues 9 from Canadian Tall Ship

Recue underway

Coast Guard search and rescue crews from Station Gloucester, Air Station Cape Cod and the Coast Guard Cutter Ocracoke rescued nine crewmembers from the Canadian tall ship Liana's Ransom 58 miles east of Gloucester, Monday. Watchstanders at the Sector Boston Command Center received notification


Shipping Season Opens on the Mississippi

M/V New Dawn broke through Lake Pepin ice overnight and locked through Lock and Dam 2 around 7:45 a.m. on March 25 (Photo by Pamela Niebur)

First tow marks unofficial opening to Mississippi River navigation season   M/V New Dawn arrived at Lock and Dam 2 near Hastings, Minn. Wednesday morning, marking the unofficial opening of the 2015 shipping season on the Upper Mississippi River, according to the U.S


Joe Frohnhoefer, Founder of Sea Tow, Dead at 71

   Captain Joseph Frohnhoefer, Jr. (Photo courtesy of Sea Tow)

  Captain Joseph Frohnhoefer, Jr., the founder and CEO of Sea Tow Services International, died Tuesday at the age of 71. He passed at his home in Southold, NY after a battle with cancer.   Frohnhoefer founded Sea Tow, which now has over 100 locations across the U.S


Container Shipping Outlook Uncertain in 2015: AlixPartners

Photo courtesy of Maersk Lines

  The outlook for the global container shipping industry remains challenging for the remainder of 2015, according to a new report from AlixPartners.   In its annual outlook for the industry, the global business-advisory firm predicts that operating improvements will continue to prove


Brent Oil Rises as Euro Gains Against Dollar

Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0


First ShipArrestor Delivered

The ShipArrestor container is lifted by the helicopter.

Following a full product trial in New Zealand, the Norwegian Coastal Administration (NCA) signed its acceptance of the first of two ShipArrestor systems from Miko Marine, making Norway the first country with a system that gives it the ability to protect its shores from the danger of drifting oil


Towing Vessel Sinking on Ohio River

The U.S. Coast Guard is responding to the sinking of a towing vessel on the Ohio River near Golconda, Illinois, Wednesday.   Coast Guard Sector Ohio River Valley watchstanders were notified the towing vessel David Dunnigan sank while working near mile marker 897.5, at approximately 8 p.m


N. Sea Forties Echo Platform Shut after Collision

The Forties Echo platform in the North Sea has been shut after being hit by a supply vessel, a spokesman for operator Apache North Sea said on Monday.   Fifteen workers were taken off the platform and transferred to the nearby Forties Bravo platform following the collision


PGS Wins Patent Dispute with EMGS

Ramform Titan Courtesy Petroleum Geo-Services

  Oslo, Norway, Petroleum Geo-Services ASA informed today that Oslo District Court in its judgment of 13 February 2015 ruled in favor of PGS in the lawsuit filed by ElectroMagnetic GeoServices ASA ('EMGS') against PGS for patent infringement relating to PGS' Towed Streamer EM technology.


First RAscal 1800 ASD Tug for Sanmar

Photo: Robert Allan Ltd.

The Yenicay 1 is the first of the new RAscal 1800 series of ASD tug designed by Robert Allan Ltd. and delivered by Sanmar to its own fleet in Turkey in January, 2015.   The RAscal 1800 is a big sister to the RAscal 1500 delivered by Sanmar in 2014 to Norwegian clients and shares a common


Fishing Boat Adrift Near Nantucket

(U.S. Coast Guard photo by Jake Ayers)

The U.S. Coast Guard rescued a stranded fishing vessel 32 miles east of Nantucket, Massachusetts, Wednesday.   Watchstanders at Sector Southeast New England in Woods Hole, Massachusetts received a distress call via channel 16 VHF from the five-person crew aboard the 75-foot scallop vessel






 
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