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Marine Pollution Control Off-Loads New Carissa
Detroit-based Marine Pollution Control Corp. (MPC), aided in unloading oil from New Carissa, a Japanese-owned wood chip carrier that ran aground in Coos Bay, Ore.
Iraqi Oil Smuggling Attempt Goes Sour in the Persian Gulf
An Iranian team on Monday stopped an oil leak from a ship that sank in the Gulf last week while apparently smuggling Iraqi fuel oil, a regional marine body said.
VLCC Rates Collapse
Rates for VLCCs collapsed by 15 percent overnight as shipowners scrambled to book voyages out of the Mideast Gulf before September 1 when OPEC cuts are expected to hit tanker demand.
GLM's Rose: Dayrates To Hit 3-Year Highs
Global Marine Inc. Chief Executive Bob Rose expects daily rental rates, or dayrates, for offshore oil and gas drilling rigs to surpass their highs of three years ago in 2001.
Tankers Prepare To Load Iraqi Crude
Crude oil traders were getting into position to lift Iraqi crude as Baghdad's one-month stand-off with the United Nations plays out, with nine supertankers waiting…
Tanker Market To Hit Record-Breaking Lows
The tanker market is fast approaching record lows, with little prospect of recovery this summer, brokers said on Tuesday. "It's back to the bad old days," said one London broker.
Lehman Bros.: General Maritime Is A Strong Buy
Lehman on Monday started coverage of oil tanker charterer Maritime with a strong buy rating and a 12-month price target of $25. "We expect charter hire rates to…
North Sea Tanker Market Leads Boom
Tanker markets around the world soared this week, led by the North Sea market where rates swelled by nearly a third as supply dried up for end-month loading dates.
U.S. Oil Rises High
U.S. oil prices rose on Thursday, prompted by a hefty inventory draw last week, as traders shrugged off Iraq's announcement that it would soon restart exports. Crude…
Declining Oil Output Attributed to Lackluster Tanker Stock Performance
Tanker stocks have taken a severe beating this month on declining oil output and global economic jitters, but several analysts are predicting a steady recovery and…
Iraqi Standoff Blamed For Low Mideast Gulf - U.S. VLCC Freight Rates
Freight for Very Large Crude Carriers (VLCCs) from the Mideast Gulf to the United States has fallen to below $1 per barrel for the first time in over two years.
Sunken Ship Still Leaking Oil in Saudi Coast
A ship that sank in the Gulf this week while apparently smuggling Iraqi crude oil is still leaking and an Iranian team has been sent to clean up the spill, a regional…
Tanker Blood-bath Continues
Friday's dirty tanker fixture lists revealed the full extent of this week's blood-bath on VLCC trades from the Mideast Gulf. Rates collapsed by 15 percent overnight…
IEA Raises Oil Demand Figures
An upwards revision to world oil demand means the West will need more oil from the OPEC cartel this year and next than previously thought, the International Energy Agency (IEA) said.
Local Yards Start to Feel the Impact
The U.S. Gulf of Mexico region is again poised to prosper, spurred by the buzz of activity surrounding the oil patch, and specifically the renewed vigor with which…
VLCC Owners Rise From the Ashes in Wake of Supertanker Alliance
Wednesday fixture lists showed that VLCC owners had rallied in the wake of supertanker alliance Tankers International, following its example by pinning down deals…
Chevron Opposes Oil Import Duty, Anti-Dumping Petitions
Chevron has reaffirmed its opposition to the anti-dumping and countervailing duty petitions filed against imports of crude oil from Mexico, Venezuela, Saudi Arabia and Iraq.
Iraqi Oil Sector 'Doing Nothing' To Prepare For Y2K, May Have To Shut Down
Iraq's oil industry is not prepared to deal with the millennium bug and may well be forced to shut down production and exports at the turn of the year, according to industry sources.
Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals
Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals.
Two Ships Illegally Carrying Iraqi Oil Products Diverted
Multinational forces have diverted two ships, allegedly carrying petroleum products illegally out of Iraq, to the United Arab Emirates, a U.S. navy official said. U.S.