Floating storage – USGC
  • 12 million barrels of crude are currently stored in tankers that have been sitting for more than 10 days in the USGC. USGC floating storage averaged 4 million barrels in 2016:
  • 13 vessels have been sitting for more than 10 days laden with crude in USGC: 1 ULCC, 4 VLCC, 1 Suezmax, 6 Aframax and 1 Panamax
  • More than 50% of these floating volumes come from Al-Basrah terminal and over two thirds come from Arab Gulf.

US exports
  • EIA statistics and Kpler data showed that crude oil exports from US Gulf Coast have increased over the last few weeks, passing above 700 kbd, according to EIA. Koch Ingleside terminal, located in Corpus Christi, has ramped-up exports and reached 100 kbd in a few weeks.
  • On the other hand, Enterprise Houston, a terminal that regularly ships US crude to several outlets in Europe and Latin America, has significantly decreased  the number of shipments. No exports from Enterprise Houston were seen in January so far.
  • As a consequence of a lack of infrastructure for VLCC loadings in USGC terminals, reverse lightering is the preferred method to load VLCC’s. In January, we have already seen 2 VLCC’s loading their cargo offshore and heading towards Asia.
  • A third VLCC is currently receiving her cargo in Galveston Offshore. Gener8 Chiotis already received approx. 745,000 barrels from Astro Sculptor, which previously loaded at Corpus Christi