U.S. markets look tighter this week. European coastal markets are thriving on a mixture of increased demand and bad weather. Asian markets are a bit too quiet to support all the ships open in the region. U.S. Gulf of Mexico There has been a rise in the amount of spot and contractual business on the Gulf-to-Caribbean route that has created some serious shortages of space for end February and early March loading. Rates are firmer as a result. A sudden surge in paraxylene shipments to Mexico seems...

Valvoline Instant Oil Change on Monday announced plans to expand its quick lube franchise into the Richmond, Va., market in 2012, its first entry into a new franchise market in several years. The company said it could open 15 to 20 new franchise quick lubes over the next few years in the Richmond and Norfolk area. The region has a large, diverse retail economy, and boasts the most retail square footage per capita in Virginia and the United States, said Tony Puckett, Valvoline Instant Oil Chang...

Calumet Specialty Products Partners fourth quarter 2011 net income was up compared to the year earlier quarter, and its full year 2011 net income also increased from 2010. Indianapolis-based Calumet posted net income of $26.9 million for the quarter ending Dec. 31, up 183 percent from $9.5 million in the 2010s fourth quarter. For the full year 2011, Calumet posted $43 million in net income, up 157 percent from $16.7 million in 2010. Fourth quarter sales revenue reached more than $1 billion, up...

Fuchs Petrolub AG posted 2011 earnings of 183 million (U.S. $240.7 million) on full-year sales revenue of 1.7 billion, up from 2010 earnings of 172 million on sales of $1.5 billion. For 2011, earnings per share increased approximately seven percent to 2.56 per ordinary share and 2.58 per performance share. The Mannheim, Germany-based independent lubricant blender also announced a dividend increase of 1 per performance share. The company said it generated 58 million in cash flow, despite having...

Cortec launched a new Middle East joint venture with its regional distributor United Corrosion Technologies to supply corrosion inhibitors in the region and North Africa. Cortec Middle East will support the region with service centers in the United Arab Emirates, Saudi Arabia and Jordan along with distributors such as The Kanoo Group. “Understanding the unique nature of corrosion challenges in the Middle East, were strengthening our commitment to work closely with the engineering communit...

Chevron Oronite named Colin Parfitt vice president of sales and marketing effective April 1, succeeding Andy Tugendhat, who will retire after more than 30 years with Chevron. Parfitt joined Chevron in 1995, initially in its crude oil trading operations. In 2004, he began serving as president of fuel and marine marketing, responsible for global sales and marketing of marine fuels and lubricants, fuel oil and feed stock trading activities. That was later followed by a role as a vice president of ...