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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.


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.


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.


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


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


Controversial Brent Spar Disposal Costs Soar

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


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


Brent drops towards $107 on better supply outlook

 Brent futures eased towards $107 a barrel on Friday as the global supply outlook improved with more Libyan supplies expected to reach the market, although growing tension between the West and Russia over Ukraine put a floor under prices.   Oil prices also came under pressure as producer-group OPEC said it sees lower demand for its oil this year, highlighting concerns over the economy and competition from rival producers


North Sea: Potential VLCC Moves to South Korea

North Sea Forties crude differentials were unchanged on Wednesday in very quiet pre-Easter trade, with dealers still watching two potential VLCC shipments to Asia and the stuttering return of Libyan oil supplies. A strong early rally in flat-price Brent futures also kept traders on the sidelines, market sources said, with the new front-month contract for June delivery rising above $110 a barrel for the first time since early March as tensions in Ukraine rose.


Neeraj Bansal Appointed Deputy Chairman of JNPT

Neeraj Bansal appointed Deputy Chairman

The Government of India has appointed Neeraj Bansal as Deputy Chairman of India's largest container port,  Jawaharlal Nehru Port Trust with immediate effect. Mr Neeraj Bansal is an Officer of Indian Revenue Servie with around twenty years of experience across the country in Direct Tax


Shanghai Port's Q2 Profit Down; China Trade Flagging

Shanghai International Port , the operator of the world's busiest container port, reported earnings on Wednesday that showed its second-quarter net profit fell 2.5 percent in a sign of slowing trade in China. Shanghai Port said in a Chinese-language filing on the Shanghai stock exchange that


Storm Surge Halts Vessel Operations at Long Beach

Photo courtesy of the Port of Long Beach

Two cargo terminals at the Port of Long Beach announced Wednesday, Aug. 27, that they were suspending vessel operations for the day because 10- to 15-foot high wave surges powered by Pacific Hurricane Marie endangered longshore workers. Total Terminals International on Pier T


UK's Hound Point VLCC Jetty Down Until Sept. 15

The supertanker jetty at the North Sea's Hound Point crude oil terminal is shut for maintenance and will not reopen until Sept. 15, operator BP Plc said on Thursday, making sending excess cargoes to Asia more difficult for traders. The Hound Point jetty has two berths


BWVI Makes 1715 Shipwreck Discovery

Treasures found by BWVI from 1715 Shipwreck

Blue Water Ventures International, Inc.(BWVI) revealed that its salvage vessel, the M/V Endeavor, recovered a gold coin, numerous silver coins and other shipwreck related artifacts while working off the coast of Ft. Pierce, FL last week.  


Petroperu Tenders for Latin American or WAF Crude

State-run Petroperu has launched a tender to buy a 360,000 barrel cargo of a Latin American or West African crude to be received at Conchan and Talara ports on September 26-30, according to a document seen by Reuters on Tuesday. The Peruvian company has been buying 1-2 monthly cargoes of crude


MTN Extends Prestige Cruise SatCom Partnership

Cruise ships: Photo Regent Seven Seas

MTN Communications (MTN) says it has extended the companies' 12-year relationship and will be introducing new communications services to its three-ship Regent Seven Seas Cruises fleet and five-ship Oceania Cruises operation. In addition


Brent Crude Falls Below US$104

HFO: File image

Brent crude fell below $104 a barrel on Thursday, after briefly bouncing off a 13-month low the previous day, on ample supplies and concerns about weak demand despite the ongoing political turmoil in Iraq and Ukraine. * Ample supplies keep pressure on oil prices


ESG to Build Four RA Tugboats

Contract announcement: Image courtesy of ESG

Eastern Shipbuilding Group (ESG) said that Suderman & Young Towing Company & Bay Houston Towing Company have placed orders for a total of four new Robert Allan, LTD. (RAL) Z-Tech 2400 Class Terminal & Escort Tugs at Eastern’s Panama City, Florida facilities.


Traders Store Crude for Profit as Contango Takes Hold

Oil traders have begun fixing tankers to take North Sea, West African and Arab crudes to South Africa for storage, hoping for a repeat of the multimillion dollar bonanza they reaped in 2008-2009. Shipping fixtures show that in late July and August, BP , Mercuria


Signet Tows Aircraft Carrier on Final Voyage

SOLAS Certified, ABS A1, 10,000 BHP, Signet Warhorse III en route to Newport Naval Shipyard to tow USS Saratoga to Brownsville, Texas.

The final voyage of aircraft carrier USS Saratoga begins today. From the Eastern Hemisphere to the Western Hemisphere, the USS Saratoga has made her mark around the globe, and served more than 38 years in the United States Navy. The carrier’s aircraft flew sorties in the Vietnam War


W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed. Most buyers have baulked at the initial offers of Angolan crude


Crowley Tug Participates in Rig Blackout Test

Ocean Sky tending to Noble drill rig John Day during blackout trials (photo by Captain Ward Davis)

Once again displaying their diversity for use in the domestic petroleum industry, one of Crowley’s four ocean class tugs, Ocean Sky, recently provided back-up station-keeping and holdback services during a routine blackout test of ultra-deepwater, semisubmersible oil rig Noble Jim Day in U.S


Increased Oil Storage Plays: Analysis

Reported VLCC & Suezmax Fixtures into South Africa: Image courtesy of Poten & Partners

During the last few days, various articles in the oil and shipping press have hinted at the possibility that renewed contango in the oil markets could lead to increased storage plays after several Suezmaxes were fixed for discharge in Saldanha Bay, South Africa


First Shipment of Russian Novy Port Oil

Novy Port oil loading: Photo Gazprom Neft

Gazprom Neft provided a summer shipment of oil from Novoportovskoe deposit – for the first time, the raw material was taken by sea and sent to European consumers, according to Russian official news agency Arctic-Info. The new oil called Novy Port is the light and low sulfur content (about






 
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