In The LOOP: First loaded VLCC of the year sets sail for South Korea

What appears to be the first Very Large Crude Carrier of the year to load and depart from the Louisiana Offshore Oil Port is bound for Yeosu, South Korea, according to cFlow, Platts trade flow software. The 2 million barrel-capacity Amad set sail from LOOP on Sunday after arriving there on December 27. The vessels’ destination of Yeosu is home to the 785,000 b/d GS Caltex re finery, which runs mainly light and medium sour crudes. LOOP first started exporting crude on VLCCs in February 2018 and averaged loading about one a month for the remainder of the year. LOOP exported 1.94 million barrels of crude oil in February 2018, which was the first month of LOOP exports, according to data from the state of Louisiana. In September, which is the most recent data available, LOOP exported 1.99 million barrels. US crude exports have exploded in the past year, reaching or exceeding 3 million b/d twice in 2018. US crude exports were expected lower for the week ending December 28, decreasing 730,000 b/d to 2.24 million b/d, according to data released Friday by the Energy Information Administration. It was the lowest flow since mid-November and less than the four-week average… continue reading

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Source: CTRM Center

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