Its not a particularly joyous shipping market anywhere, with the U.S. overburdened with ships that cant get away, the summer market dragging on in Europe, and even Asia feeling slowed down. U.S. Gulf It really is a difficult situation for ship owners caught with fully open tonnage in the U.S. Gulf these days, since there are so few opportunities for them to reposition their vessels into other regions. The U.S. Gulf-to-Far East route, while having managed to whittle down the overall amount of ope...

Hydrodec signed engineering, licensing and technology collaboration agreements with Chemical Engineering Partners for a planned U.K. rerefinery capable of producing API Group II/II+ base oil, potentially by 2016. Announced Aug. 1, the agreements would provide Hydrodec with an exclusive U.K. license to develop Irvine, Calif.-based CEPs wiped-film evaporation and hydrogenation technology, as well as the basic engineering for a 75 million liter per year lubricant rerefinery. Hydrodec operates trans...

Afton Chemical and Valvoline each posted strong earnings for the quarter ending June 30, while profits were down slightly for Fuchs Petrolub and Quaker Chemical, compared to year-earlier results. Afton Chemical NewMarkets Afton Chemical subsidiary reported sales of $617.5 million in the second quarter, up 6.2 percent from $581.3 million in the year earlier period. Operating profit for the additives segment totaled $109.1 million, up 11.6 percent from $97.8 million in 2013s second quarter. We are...

Vertex Energy Inc. plans to acquire Heartland Group Holdings – including its rerefinery in Columbus, Ohio – for $16.5 million. Heartlands rerefinery processes 16 million gallons of used oil per year and has 1,500 barrels per day of API Group II rerefined base oil production capacity. A used oil collection and rerefining company, Heartland Group is primarily held by Omaha-Neb.-based Warren Distribution. Vertex said it has begun exercising its due diligence of Heartland under the terms...

The Georgian market is glutted with fake automotive lubricants and spare auto parts, the South Caucasus countrys Union of Oil Product Importers told Lube Report. The fake lube volume – mostly imported from Iran, Azerbaijan and Uzbekistan – account for at least 30 percent of Georgias 12,000-ton annual lubricant consumption, and it is a continuing problem for the country. Canisters of different lube brands and different sizes are filled with oils and liquids of unknown origin and stand...

Lukoil sold its Ukranian retail fuels business to Austrian company AMIC Energy Management GmbH, but said its lube distribution in the country will remain intact. Financial terms were not disclosed. The oil major, which is Russias largest lubricant maker, sold its entire network of 240 fuel stations and its six oil tank farms in Ukraine. At the moment, the parties are interacting as part of the due diligence of assets and preparing to sign a sale-and-purchase contract, Lukoil said in a July 31 ne...