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.
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.
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.
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
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
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.
Baker, Lyman and Co., Inc. hired John Scarborough as senior consultant. He is an authorized agent for Germanischer Lloyd on the Corsair Towing Safety Management Systems (TSMS) Strategic Alliance for Subchapter M compliance software for the domestic towing industry. Scarborough holds a Maritime Law degree from Tulane University in New Orleans, Louisiana and a Bachelor of Arts from Duke University in Durham, North Carolina. He previously sailed with Rene J
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.
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.
U.S. crude stocks likely rose 2.2 mln barrels last week. By Manash Goswami Brent futures were steady on Tuesday and held above $108 a barrel as a worsening crisis over Ukraine stoked supply disruption fears, while concerns over demand growth from the world's two biggest oil consumers kept a
By Karolin Schaps, Reuters Scottish nationalists are betting $2.5 trillion of hydrocarbons trapped miles beneath the North Sea could bankroll an independent Scotland, but winning control of the European Union's largest oil reserves would be no blank cheque.
Reuters - Britain's biggest oilfield Buzzard will undergo 25 days of planned maintenance starting in late July, its operator Nexen confirmed on Friday. During this period production will be offline but the outage coincides with the planned 14-day shutdown of the Forties Pipeline System (FPS)
The US Coast Guard inform that search and rescue personnel at the District Seven Command Center in Miami are coordinating fire-fighting efforts on a towed 730-foot barge loaded with containers on fire about 86-miles northeast of Nassau, Bahamas.
EU leaders set to warn, not sanction Russia; U.S. crude stocks rise more than expected. U.S. jobs data, services data point to lower oil demand. By Shadi Bushra Brent crude reversed gains made earlier on Thursday after Crimea's parliament voted unanimously to join Russia
Putin orders troops in military exercise back to base. U.S., EU warn Russia could face sanctions over Crimea; U.S. crude inventory likely rose 1 mln bbls last week. Oil fell more than $1 on Tuesday to below $110 a barrel after President Vladimir Putin recalled troops to base from military
No very large crude carriers (VLCCs) will load from Britain's Hound Point oil terminal in May and June due to planned maintenance, a spokeswoman for operator BP said on Tuesday. Last week traders reported hearing that Hound Point's Jetty 1 would undergo fender and integrity work in May and June
American independently owned oceangoing petroleum barge company, Bouchard Transportation, has promoted Captain Robert W. Glas to Vice-President of Regulatory Affairs. Captain Glas will interact with regulatory committees and trade organizations on behalf of Bouchard Transportation Co, Inc
Reuters - A unit in Colombia of Toronto-based oil firm Pacific Rubiales launched a tender to sell two 1-million-barrel cargoes of heavy Castilla crude for delivery in April, according to an invitation seen by Reuters on Monday. Pacific sold to Norway's Statoil one 500
Acteon company InterMoor completed decommissioning operations of the Innovator platform in the Gulf of Mexico’s Gomez field, Mississippi Canyon Block 711. Conducted in water depths of 910 meters, the scope of work involved disconnecting 10 risers/umbilicals; disconnecting 12 mooring lines
By Manash Goswami, Reuters Brent crude futures slipped on Friday below $109 a barrel on expectations demand growth will slow as severe winter weather eases, with supply worries keeping the losses in check for now. A severe winter chill in the United States and Europe and supply disruption
Supply rises by 170,000 bpd, led by Iraq, Angola. Saudi Arabia trims output, Libyan supply falls and OPEC output below 30 million bpd target for fifth month. OPEC's oil output has risen further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola
Designers, Robert Allan, inform that Leevac Shipyards has completed the construction of the second of their Z-Tech designed 2400 tugs. The latest, 'Zeus', has been delivered to its owners Suderman & Young Towing Company of Houston, Texas following the earlier delivery of her sister
By Jacob Gronholt-Pedersen and Florence Tan, Reuters The Asia-Pacific crude market weakened on Monday with differentials for Russian Sokol depressed by slow demand during peak maintenance season, but a recovery in the naphtha market offset some of the losses.
By Shadi Bushra, Reuters Brent crude oil steadied around $110 a barrel on Monday, resisting sharp declines in some other risk assets on news of further supply losses in Africa and expectations of revived oil demand growth. Libyan oil output plunged further over the weekend