Global oil prices have been on close watch since October 7 when Hamas launched its surprise attack on Israeli civilians. To date, oil and gas supplies have largely been unaffected; however, prices rose for two consecutive weeks on fears that further escalation could impact the Middle East’s oil and gas exports. Industry experts expect the US to toughen sanctions on exports of oil from Iran given the country’s ties to Hamas and Hezbollah, but it is unclear the impact these sanctions might have on prices if the Iranian export decline is offset by other producers, notably Saudi Arabia, that could increase exports to rebalance the market.

According to The Guardian, FULL ARTICLE HERE, the issue is not related to oil supply, but rather the security of export supply chains into western nations. The article reads, “The Strait of Hormuz in the (Persian) Gulf is responsible for the transit of more than 20% of the oil consumed globally and a third of the world’s seaborne gas shipments, making it a vital energy artery for the global markets.” Disruption of this route could have significant impacts on western European nations who have grown more dependent on the Middle East after the end of gas imports from Russia last year.

While PTL Marine cannot accurately predict the global oil markets or future prices, we do offer customizable Risk Management solutions. To learn more about these and other products and services, please contact us HERE.

Under a cloudless sky and Chamber of Commerce temperatures, PTL Marine celebrated the 50th Anniversary of its Memphis location last week in a short ceremony outside the facility under the Memphis-Arkansas Bridge. Operations Managers from several PTL Marine locations joined the celebration along with Pilot Thomas Logistics’ David Reynolds to pay tribute the 87-year history of the company and highlight the fortitude of the Memphis operation which has never closed its doors for an entire half-century. Team members sported new shirts emblazoned with a special 24/7/365/50 logo, signifying this unique achievement.

Several past team members were recognized as stalwarts of the operation throughout the last five decades including Jim Barton, “who had the vision to bring Memphis into the Economy Boat Store family in 1973,” stated Reynolds. Also honored was Jody Davenport who amassed a 51-year career retiring in 2018 as General Manager of the Memphis and Wickliffe Operations, Steve Dumay who retired as Operations Manager after a 49-year career with the company, Mike McCaskill who completed a 35-year career, and Steve London who retired recently after a 30-year career and is the father of our current Operations Manager, Travis London.

Chaplain Garrett Burns, an associate and volunteer with the Seaman’s Church Institute gave the invocation in recognition of the event. Attendees included valued customers, team members, family members, company leadership and others who enjoyed Memphis’ famous Central BBQ along with stories from the legacy of 50 years of consistent operations. Congratulations to all current members of the Memphis team who perpetuate the company's innovations and traditions from humble beginnings in Wood River, Ill. in 1936.