BRENT TOWING CO
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."
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 & 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
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 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
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
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
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.
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)
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.
Horizon Shipbuilding is in the process of installing the first production EPA Tier 4 certified units of its 3516E EPA CAT Marine engines, on a pair of tugs it is building for McAllister Towing & Transportation Co., Inc. The pair of 100 foot azimuth stern-drive (ASD) escort and rescue
The 4,300HP tugs Colleen McAllister (ex-Ellena Hicks, Hull 685) and Katie G. McAllister (ex-Libby Black, Hull 671) have been sold and delivered to new owners Port City Marine Services of Muskegon, Mich., reported Marcon International, Inc.
From 6 to 8 December 2016, Australia hosted defence officials from across our region at the sixth meeting of the ASEAN Defence Ministers’ Meeting-Plus Experts’ Working Group on Counter-Terrorism in Sydney. The Deputy Special Operations Commander Australia said the meeting
Chinese state-owned oil traders PetroChina and Unipec have chartered ships to load more than 2 million barrels of U.S. crude oil in December, three sources with knowledge of the matter said on Friday. The shipments come on top of nearly 3 million barrels that BP has sent to Asia as oil traders
South Korea's Hyundai Merchant Marine Co. (HMM) will take over 11 ships returned by bankrupt Hanjin Shipping Co. to the Korea Development Bank (KDB), reports Business Korea. Haeyoung Maritime Services Co., a subsidiary of HMM which provides ship management and maintenance
James Fisher Subsea implements innovative ROV methodology on six North Sea oil rig platforms for Shell UK James Fisher Subsea uses its unique ROV methodology on 6 of Shell UK’s platforms over four month period ROV inspection methodology removed the need for a vessel and reduced downtime
Marine Safety Unit Chicago and the U.S. Coast Guard Towing Vessel National Center of Expertise hosted an informational outreach forum Wednesday with towing vessel operators to explain the implementation of the new regulations for the inspection of towing vessels, Subchapter M.
Oil prices jumped 4 percent on Tuesday, bouncing back from multi-month lows on expectations that OPEC will agree later this month to cut production to reduce a supply glut. Saudi Energy Minister Khalid al-Falih is expected to travel to the Qatari capital, Doha
Sea Tow Services International, Inc., a professional on-water assistance provider, honored members of its national network for outstanding customer service and dedication to boating safety at the Sea Tow Awards Luncheon held on November 17.
The SMS Shoalbuster, a 26-metre Damen Shoalbuster 2609 owned and operated by GSS Marine Services based in Rosyth, Scotland, has recently completed a 14,572 nm round trip that included two transatlantic crossings. The Shoalbuster range is designed as a multi-role workboat optimised for shallow
Capt. Brian McAllister, a prominent member of the American maritime industry, will receive an honorary doctorate from SUNY Maritime College Jan. 27. Capt. McAllister is the chairman of McAllister Towing, and has been with his family’s company since 1959
Software developer Helm Operations announced that it will launch its innovative Subchapter M compliance software, Helm CONNECT Compliance, at the International Workboat Show (IWS) in New Orleans from November 30 – December 2. Helm has been selling its Compliance software since Sub M
International law firm, Watson Farley & Williams (“WFW”), advised CMB Financial Leasing Co. Ltd (“CMB”) in respect of: (i) the sale of eight container vessels by NOL Liner (Pte.) Ltd to certain Singapore incorporated SPVs wholly owned by CMB International Leasing
The U.S. Coast Guard formally accepted the American Waterways Operators (AWO) Responsible Carrier Program (RCP) as an existing Safety Management System that complies with the requirements of Subchapter M. In a letter conveying the acceptance, RADM Paul Thomas
PBES and Høglund Marine Automation today announced a partnership agreement to industrial quality energy storage for hybrid and fully electric commercial marine vessels. The partnership agreement underscores the on-going green shift that is now occurring in the commercial marine industry.