NEW YORK: Led by the port of Corpus Christi, Texan ports continue to expand their dominant role in loading US crude oil export cargoes, shipping out 79pc of total crude export volumes in the first 10 months of this year, up from 69pc last year, according to a research note from shipping association BIMCO this week.
“Corpus Christi has since 2016, when it exported 24pc of US seaborne crude oil, extended its lead and has developed into the largest crude oil export port in the US by far”, said BIMCO.
In the first 10 months of this year Corpus Christi raised its market share year-on-year from 24pc to 33pc, said BIMCO. Rounding out the top three US ports by crude exports so far this year are the Texan ports of Beaumont and Houston, which respectively exported 21pc and 15pc, said BIMCO.
The port of Gramercy, located in neighboring Louisiana, came in fourth and exported 14pc of total volumes in the 10-month period, said the shipping group.
While total US crude export volumes have nearly doubled this year, volumes coming out of Texas have almost tripled.
The Texas loading area ramped up its export of crude oil by 186pc for the first 10 months of this year over the same period in 2016, said BIMCO.
Total US crude exports in the time period rose by 90pc to about 900,000 b/d, according to data from the US Energy Administration (EIA).
The increase in exports has come amid plentiful light crude supply in the Gulf coast and a shift in Chinese buying trends away from producers in the Middle East toward those in the Atlantic basin, including the US.
The port of Corpus Christi will have VLCC accommodating terminals by the end of 2018, said BIMCO, suggesting the port’s prominence in the crude export space could continue. No port in the US Gulf coast has loaded crude directly onto a VLCC because of draft restrictions.