Europe continues to register strong demand on a number of key routes. Asia is starting to come out of the holiday period, but it will need another week before fully operational again. The U.S. had another quiet week with minimal activity. U.S. Gulf U.S. markets have been rather subdued. The U.S. Gulf to Caribbean route, for instance, is seeing more February tonnage open in the region, which, after another week like this will probably start to reduce freight levels in order to stimulate trade. We...

PC-11, the heavy-duty engine oil category upgrade being developed by diesel engine manufacturers and the lubricants industry, continues to make progress towards its April 2016 market debut. Meeting last week in Chicago, the New Category Development Team voted on the most critical tests that need to be included in the coming category, and also debated whether a new SAE viscosity grade might best ensure that these oils deliver their promised fuel economy in diesel trucks. One of the primary tasks ...

Pettit Oil, a fuels and lubricants distributor in Washington, liquidated its assets and discontinued operations after filing for bankruptcy late last year. Lakewood-based Pettit reported assets of approximately $18.7 million and liabilities of around $22.5 million, according to a court document filed Nov. 25 with the Western District of Washington U.S. Bankruptcy Court. The company reported revenue of around $319 million in 2012 with the transport of more than 96 million gallons of petroleum pro...

Gulf Oil Corp. shareholders on Thursday gave a ringing endorsement to managements proposal to carve out the companys lubricant business. In a court-ordered vote, shareholders cleared the three-fourths majority required for the plan to move forward. Hyderabad, India-based Gulf, which plans to complete the demerger by mid-April, declined to comment. Management received the support it needed despite recommendations from proxy advisors that urged shareholders to vote against the plan. At least two f...

NewMarkets Afton Chemical additives subsidiary reported record operating profit and increased revenue during 2013s fourth quarter, while South Korean base oil refiner SK Lubricants posted increased operating income and revenue, compared to a year earlier. Afton Chemical posted operating profit of $80 million for the quarter ending Dec. 31, up 11.7 percent from $71.6 million in the year earlier period. For the full year 2013, Afton reported $375.3 million in operating profit, up just under 1 perc...

Commercial production of Solazymes algal oils commenced at two Iowa facilities, and the sale and distribution of the products began in both the United States and Brazil. Solazyme – whose technology uses algae to transform plant-based sugars into oils – announced Jan. 30 that Archer Daniels Midland Co.s Clinton, Iowa, fermentation plant and a downstream companion facility operated by American Natural Products in Galva, Iowa, have successfully manufactured three distinct and unique alg...

Russian Gazprom Neft Lubricants signed a lubes distribution contract with Ghabbour Auto, a large automobile assembler and dealer in Egypt. Egypt has a huge economic potential. Its finished lubricant market has annual growth of 4 percent and at present it amounts to around 430,000 tons, Alexandar Trukhan, general director of Gazprom Neft Lubricants, said in a Jan. 28 press release. This year we are planning to occupy up to 2 percent of the countrys finished lubes market, and it will let us to str...