Specialty Products News

The $300 billion bunkering market is at a critical juncture due to the double whammy of the geopolitical crisis and the uncertainty surrounding the regulatory framework pertaining to the decarbonization of the shipping industry.“Bunkering has been hit from the trickledown effect of the sanctions against Russia, and this of course has had a serious impact on prices. Pre-war, the global prices were around $750-$850 per ton, and now we are looking at prices above $1,000,” said Alexander Prokopakis…

Private investment firm Auxo Investment Partners said it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed, marks Auxo’s sixth acquisition in 16 months, and builds on the firm’s December 2017 acquisition of M/G Transport Services, a leading dry-bulk transportation and logistics company based in New Orleans.Andrie, founded in 1988, is a company serving the Great Lakes, working extensively with large global customers.

Deal builds on Auxo’s December 2017 acquisition of leading dry-bulk transportation and logistics company, M/G Transport Services. Private investment firm Auxo Investment Partners announced today that it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed…

XL Group plc through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. The firm employs 7,000 and has sales of $9,300,000,000 annually. XL Catlin’s insurance segment provides commercial property, casualty, professional liability, environmental liability, aviation and satellite, marine, product recall, political risks, surplus lines and other coverages.

China has agreed to scrap export subsidies on a range of products from metals to agriculture and textiles, the United States said on Thursday, in a step by Beijing to reduce trade frictions with Washington. China is to end a program known as its "demonstration bases-common service platform," which provides export subsidies to Chinese companies in seven economic sectors, the U.S. trade representative's office said. Some industry figures were skeptical about the deal's impact, especially regarding steel, which has been a flashpoint with Chinese overcapacity pressuring U.S. suppliers. One source knowledgeable about the agreement said it was not comprehensive enough to do much to help the U.S. steel industry, given its focus was only on specialty products.

IMTRA, the leading manufacturer and importer of quality marine products, announced today its selection by the American Boatbuilders Association (ABA) as a Supplier of Choice for lighting products. With a focus on service and product development, IMTRA supports its customers by offering the highest quality marine products. Throughout the last 60 years, IMTRA has become known as the most reliable supplier to builders, repair yards, retailers and naval architects, as well as private yacht and vessel owners. In addition to its full line of specialty products, IMTRA designs and manufactures marine LED lighting for every application. Engineered for corrosion resistance…

To better capitalize on the growing importance and excitement of data analytics and to drive innovation to support customers, Caterpillar Inc. today announced the formation of a new division, Analytics & Innovation (AI), which will be led by Caterpillar Vice President Greg Folley. The division will bring together the people and resources that will foster a culture with innovation at the core, form a broad and connected analytics ecosystem and manage strategic third party relationships with providers like Chicago, Illinois-based Uptake, a start-up with which the company recently announced a technology and predictive analytics agreement.

In the wake of increased environmental scrutiny and potentially expanding liability issues, oil spill remediation continues to be of great interest to marine operations. While most outsiders think of oil spills in terms of major failures or leaks, more common oil leakage or lubricant discharges from marine equipment result in millions of gallons of oil being released into the aquatic environment each year. Leaks, which are very difficult to prevent, far outpace catastrophic events and result in lost productivity, environmental damage, costly fines and remediation and negative public image.

RSC Bio Solutions said that its EnviroLogic Environmentally Acceptable Lubricants (EALs), including hydraulic, stern tube and thruster oils, and SAFECARE cleaners and their constituent components have been evaluated by independent laboratories to meet the U.S. Environmental Protection Agency (EPA) definitions of biodegradable, minimally toxic and not bioaccumulative. RSC Bio Solutions, therefore, certifies its hydraulic fluids and cleaner products as 2014 sVGP compliant. RSC Bio…

A tanker carrying 300,000 barrels of Kurdish crude oil has changed its destination to Limassol, Cyprus, as it returned from the United States without delivering its disputed cargo to a New Jersey refiner. The Minerva Joy tanker had previously listed its destination as "Gibraltar orders," which usually implies a destination in the Eastern Mediterranean or further east. It changed its destination to "Limassol orders" at around 1600 GMT on Saturday, according to Reuters AIS Live shiptracking. On Aug. 13, the Minerva Joy began sailing eastwards from off the coast of Paulsboro, New Jersey, after refiner Axeon Specialty Products said it would not buy or accept delivery of any cargoes of disputed Kurdish crude oil for its Paulsboro refinery.

U.S. refiners will refrain from buying Kurdish crude oil until a long-running dispute between Baghdad and Iraqi Kurdistan is settled, while Washington urges both sides to set aside their differences and helps them tackle Sunni militants. The two known U.S. buyers of Kurdish crude oil have now rejected delivery of cargoes from tankers near New Jersey and Texas, saying they will not make further purchases until it is determined who has the right to sell the oil: the central government of Iraq or the Kurdistan Regional Government (KRG). U.S. refiner Axeon Specialty Products was the latest company to turn away a cargo of Kurdish crude oil on Monday. It balked after Baghdad filed a lawsuit over a cargo slated for another U.S. refiner, LyondellBasell NV.

U.S. refiner Axeon Specialty Products said it won't buy or accept delivery of any cargoes of disputed Kurdish Shaikan crude oil for its Paulsboro, New Jersey refinery, according to a press release received on Monday. Several cargoes of the oil have recently reached U.S. soil and Iraq's central government has moved to block independent exports of crude by the Kurdistan Regional Government. Earlier this month, refiner LyondellBasell, confirmed it recently purchased "modest quantities" of what public records show is Kurdish Shaikan crude and said it would scrap further purchases of the disputed oil for the time being.   Reporting By Terry Wade

Axeon Specialty Products said on Friday it received a cargo of Kurdish Shaikan crude oil in June at its Paulsboro refinery in the United States. Several cargoes of the oil have recently reached U.S. soil and Iraq's central government has moved to block independent exports of crude by the Kurdistan Regional Government. "Axeon SP was the importer of record for the June shipment," a company official said. "We purchased this cargo on a delivered Paulsboro, New Jersey basis from a reputable supplier." On Thursday, refiner Lyondell Basell, confirmed it recently purchased "modest quantities" of what public records show is Shaikan crude but said it would scrap further purchases of the disputed oil for the time being. (Reporting By Terry Wade)

Offshore energy services provider, Jaya Holdings Limited, has delivered its second newbuild ice class anchor handling tug supply vessel to Canadian buyers, Atlantic Towing Limited. The 16,000-BHP vessel was delivered on February 7, 2014 in Singapore and was christened the Atlantic Merlin at a naming ceremony held earlier today. She was previously known as Jaya Sovereign until her delivery to Atlantic Towing. Atlantic Merlin is a sister ship of Atlantic Kestrel, which was delivered to Atlantic Towing in November 2012. Sheshashayee added, “This delivery begins another busy period for us and is the first of four new buildings for Jaya in 2014 and the other three ships will be operated in Jaya’s growing fleet.

Berkshire Hathaway is acquiring Phillips Specialty Products Inc. (PSPI), a flow improver business, from Phillips 66 (NYSE: PSX). In exchange for the share capital of the wholly owned subsidiary, Phillips 66 will receive shares of Phillips 66 common stock currently held by Berkshire Hathaway. The specific number of shares will be determined by the share price at deal closing. “The flow improver business is a high-quality business with consistently strong financial performance, and it will fit well within Berkshire Hathaway. I plan to have James L. “I have long been impressed by the strength of the Phillips 66 business portfolio,” commented Warren E. Buffett, Berkshire Hathaway chief executive officer.

Valve Automation & Controls (VAC), a W&O company and provider of fluid control solutions to the industrial, water, wastewater and marine markets, announced the expansion of its distribution territory with Chesterton to include Los Angeles and San Diego. Founded in 1884, Chesterton is a manufacturer of fluid sealing products, coatings, cleaners, lubricants and specialty products. Its products meet EPA Clean Air Act emissions requirements for sealing devices, and are used in applications such as pump mechanical seals…

PPG caps a busy 2013 by launching three separate coatings; each intended for a specific application. As regulatory and operational requirements drive coatings decisions, it’s increasingly clear that, on the water, one size does not fit all anymore. You can get there, nevertheless, by the numbers. It has been a busy year for PPG Protective and Marine Coatings (PPG). With at least three new marine product releases and even a new production plant in Poland, the Pittsburgh, PA-based global coatings and specialty products company hasn’t stopped long enough to give the proverbial barnacles the smallest chance to slow its growth. Founded in 1883 and operating in nearly 70 countries around the world, PPG’s sales in 2012 exceeded $15 billion.

Delta Rigging & Tools, Inc., a provider of lifting and rigging products and related services in the United States, announced the acquisition of Morgan City Rentals, a provider of offshore rental equipment and rigging supply in the Gulf of Mexico. Established in 1970, Morgan City Rentals is headquartered in Morgan City, La., with additional locations in Golden Meadow and Broussard, La. Morgan City Rentals provides a wide range of offshore rental equipment, wire rope, rigging hardware and supplies, sling fabrication and compliance load testing to the offshore oil and gas industry. Combined with Delta Rigging & Tools’ existing operations in Broussard and Houma…

Calumet Specialty Products Partners, L.P. Announces Feasibility Study for Crude Oil Shipping. Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet") announced it will explore the feasibility of building and operating a crude oil loading dock on Lake Superior, near its Superior, WI refinery, designed to load ships with heavy Canadian and light Bakken crude oil for shipment through connecting waterways. "Calumet is currently assessing the viability of the project and gauging interest in the marketplace. We would expect to have this project fully operational during the shipping season of 2015 and are currently in talks with potential customers and partners," said Todd Borgmann, VP of Business Development at Calumet.

Under New Ownership, Freeman Marine becomes part of the Advanced Marine Technologies Group. Freeman Marine Equipment Inc., a globally recognized brand and major US supplier to the worldwide marine industry, is now part of Advanced Marine Technologies (AMT). The company was purchased by AdvanTec Global Innovations of British Columbia, Canada. AdvanTec owns the four companies that make up the AMT Group. The other members of the group are Diamond Sea Glaze, Steelhead Marine and Manly Marine. Freeman Marine is the latest acquisition AdvanTec has made in its marine manufacturing division.

Westway Terminal Company LLC, a wholly owned subsidiary of Westway Group, Inc. (WTWG), opened Phase I of a Custom Built Bulk Liquid Storage Terminal for Nynas Americas at the Westway's Houston-1 Terminal. In an effort to improve its customer satisfaction and efficiencies, Nynas contracted with Westway Terminal Company to construct a state-of-the-art, customized logistics hub in Houston, which is scheduled for full completion by the end of 2009. The new hub, located along the Houston Ship Channel, will better meet the requirements of Nynas' customers by providing dedicated logistics, blending and special loading facilities for Nynas specialty products. These parameters closely align with Nynas' priorities on safety, environmental and quality standards.

ITT Industries, Inc. has appointed Brenda L. Reichelderfer as president of the company's Specialty Products businesses. A 19-year ITT veteran, Reichelderfer was most recently president of the company's Flow Control group, which is part of the Specialty Products segment that is a group of businesses producing a variety of engineered products, including valves and switches for industrial and aerospace applications and products for the marine and leisure markets. Reichelderfer's promotion follows the announced retirement of Richard J. M. Hamilton, who most recently led the Specialty Products segment. Hamilton, who has been with the company since 1971, will remain through the end of the year to assist in Reichelderfer's transition.

Cruise vessels will take center stage at the SMM 2004, 21st Shipbuilding, Machinery & Marine Technology, International Trade Fair Hamburg, which is to take place at the Hamburg Fair site from 28 September to 2 October. Cruising and cruise vessel construction have had to maneuver in difficult waters in the past year. The very active ordering activity of recent years has slowed down to become steady, dependable growth. That, explains Peter Fetten in an interview, is because growth is a part of the strategy of the big American cruise lines…