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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

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

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

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

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.

Oversupply, Ebola Fears Drive Oil Below $86


 * 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.  

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)

MacGregor's Deck Machinery for Sentinel Marine ERRV

MacGregor Safety and service quality

  MacGregor, part of Cargotec, will supply deck machinery for a new 65m emergency rescue & response vessel (ERRV) for Sentinel Marine. The ship has been designed by Focal Marine & Offshore Pte Ltd and will have a bollard pull of 100 tonnes of FOCAL 552

Eastern Launches Tug for Suderman & Young

Triton (Photo: Eastern Shipbuilding Group)

Eastern Shipbuilding Group, Inc. announced it has launched escort tug Triton for Suderman & Young Towing Company on September 11, 2015.   The launch ceremony was held at Eastern’s Nelson Street facility and hosted by Joey D’Isernia, President of Eastern

MacGregor Wins Deck Machinery Order in China

MacGregor has expanded its winch portfolio

  MacGregor, part of Cargotec, has signed contracts with Chinese shipyard Guangzhou Shunhai Shipyard Ltd to deliver anchor handling/towing winch packages for five 48m anchor handling tug supply (AHTS) vessels, each with a 75-tonne bollard pull and one 40m AHTS vessel with a 70-tonne bollard

Commodity Surge Boosts World Equities; Dollar Falls

Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in equities and a surge in commodities and crude oil prices.   Declines in the dollar

Oil Exports Could Push US Gasoline Prices Lower

The price of U.S. gasoline could fall if Washington were to allow crude oil exports, an independent government report on Tuesday concluded, adding political firepower for those who want to change the law to expand such trade.   Exports would put more crude on global markets and push down

China Shipping Line to Buy 10 Vessels

Photo: China Shipping Container Lines Co

 China Shipping Container Lines Co is planning to buy around 10 ultralarge container ships for around $1.5 billion, despite the shipping industry struggles with a capacity glut, reports WSJ.   The company wants to fulfill capacity commitments in its Ocean Three alliance with

Historic Steamship Towed to Buffalo for Restoration

Photo: Great Lakes Towing Company

A 113-year-old “Boblo Boat” SS Columbia is being towed from Toledo, Ohio to Buffalo, N.Y., where the historic vessel will be docked for the next year for restoration.   A towing contract was awarded to The Great Lakes Towing Company from nonprofit organization The SS Columbia

China Merchants Group, Sinotrans Deny Merger

Image: China Merchants Energy Shipping Co., Ltd.

 China Merchants Energy Shipping Co., Ltd, a subsidiary of China Merchants Group, on Friday denied media reports that China Merchants Group would merge with Sinotrans & CSC Holdings Co., Ltd.   CMES, an ocean transporter of crude oil and other energy sources

NYK Charters 2 LNG Carriers for Freeport LNG Project

  Two joint-venture companies that NYK has established with Chubu Electric Power Co. Inc. each concluded a time-charter contract for a new liquefied natural gas (LNG) carrier with Chubu Electric Power Co. Inc. In addition, one of the joint-venture companies

Deck Cargo Barge on Delivery Voyage to Canada

Photo: Robert Allan Ltd.

A 16,000 DWT deck cargo barge, Seaspan 252, was handed over to its owner, Seaspan Marine, in August, 2015.   The barge, 114 meters long by 27.5 meters wide with a depth of 8.4 meters and classed ABS +A1 Barge, was designed by Robert Allan Ltd. of Vancouver, B.C

Ceona Ship Goes to Court Appointed Administrator

Photo: Ceona

 UK offshore vessel owner  Subsea contractor Ceona has gone into administration, with the loss of 102 jobs.   Ceona and Ceona Services (UK) Ltd have been hit by the depressed subsea market caused by the low price of Brent crude oil.  

Kirby Orders 2 More Workboats from NBBB

Ice Floe, LLC dba Nichols Brothers Boat Builders (NBBB) informs it has received orders for the construction of two new 120’ x 35’ x 19’-3” Twin Screw Tugboats for Kirby Offshore Marine, LLC.    Keels will be laid for both vessels this fall

Seaspan Unveils Massive Barge in Canada

Seaspan 252 (Photo: Paul Hilder)

Seaspan bulks up investment in BC’s marine sector, celebrates addition of fourth new barge in the past 10 months  Seaspan Marine unveiled the newest addition to its marine fleet, a 16,000-metric-ton barge named Seaspan 252, during an official commissioning ceremony at Seaspan’s

Get Started! Benefits, Advice Abound for SMS Laggards

When industry players say “the handwriting is on the wall,” they aren’t just talking about the pending Subchapter M regulations, but also about the already existing demand for safety management systems (SMS) in general for the domestic towing industry. While the U.S

Rolls-Royce to Cut More Staff of Marine Unit

Warren East (Photo: Rolls-Royce)

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient and cope with a fall in orders sparked by lower oil prices. The marine unit, which depends on oil and gas-related customers for about

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