Negativity pervades the global shipping market, especially the deep-sea routes, and while such sentiment is completely justified in some areas, its less so in others. U.S. Gulf Activity has picked up into Asia, and the all the remaining June space has gone. Owners are starting to ask for higher freight levels. For example, 5,000 tons of aromatics from Houston, United States to Ulsan, Korea, are offered at $56 per metric ton, compared to a couple of weeks ago when rates were in the mid $40s per t...

OLYMPIC VALLEY, California – Global production of lubricating greases reached 2.57 billion pounds in 2016, according to fresh data released by the National Lubricating Grease Institute. Thats 1.4 percent more than the 2.54 billion pounds recorded in 2015, and marks the second year in a row that grease manufacturing has nudged upward. Tyler Jark, who serves as chairman of the institutes production survey committee, presented the results to the groups 84th annual meeting here on Monday. The ...

Foreign marketers of motor oils lost their competitive edge in Russia to domestic players in 2016, primarily because of the countrys recession and steep ruble devaluation the past few years, according to market research conducted by Moscow-based RPI consultancy. The study, Automotive Motor Oil Market: Current State, Outlook for 2025, Key Players and Sale Channels, found that the companies such as ExxonMobil, BP and Total – which havent set up lubricant production in Russia and import finis...

Curacao is working to finalize an agreement for a 40-year lease of its Isla refinery to Chinese oil trader Guangdong Zhenrong Energy. According to a preliminary agreement reached last year, the deal would require GZE to invest $10 billion to upgrade the facility, which includes Latin Americas second-largest base oil plant. An official at Refineria di Korsou, the government entity owning the refinery, confirmed in late May that negotiations with GZE are still under way. In December Reuters report...

U.S. drilling fluid demand is projected to rise 11 percent per year to 1.45 billion gallons in 2021, driven by a recovery in drilling activity and increases in the average fluid used per well, Freedonia found. The industry research firm noted drilling fluid demand grew to $1.6 billion in 2016. The petroleum industry uses various types of drilling fluids for different circumstances. Some oil-based fluids are made from mineral oil, which may come from base oil plants, and lubricants are used as ad...