Crude oil exports from the U.S. Gulf Coast resumed March 14, 2016, following a 10-day lull. Since March 14, 2016, about 4.8mn bbls of waterborne shipments have been loaded in the U.S. Gulf Coast bound for Japan, France, UK, Spain, and The Netherlands. The last shipment bound for Canada was loaded in St. James, LA, on March 4, 2016.
Despite these additional destinations, U.S. Gulf Coast export rates have decreased. As of March 25, U.S. Gulf Coast exports averaged 176,000 bpd so far in 2016. In 2015, exports (primarily to Canada before the export ban was lifted earlier this year) averaged 211,000 bpd. New pipeline connectivity to Eastern Canada via Enbridge's 300,000 bpd Sarnia, ON,-to-Montreal, QC, Line 9 pipeline, may have lessened the need for Gulf Coast waterborne shipments to Eastern Canada.
Two tankers are bound for Japan: Agistri and Cape Bari, with nearly 2.0mn bbls of crude. These will mark the first U.S. barrels bound for Japan since the export ban was lifted. Cosmo Oil, a Japanese refiner, booked the Agistri to carry WTI, while TonenGeneral fixed the other vessel, Cape Bari, according to Reuters.
The Agistri loaded about 975,000 bbls in the Galveston, TX, lightering area on March 16, 2016. Cape Bari loaded about 1.0mn bbls on March 14, 2016 at Sunoco Logistic's Nederland terminal. The Cape Bari is expected to arrive on May 8, 2016, followed by the Agistri on May 9, according to Genscape.
Following the two Japan-bound loadings, four shipments loaded in the U.S. Gulf Coast destined for Europe. Enterprise's Houston terminals loaded two vessels: The MT United Honor on March 19, 2016 with 750,000 bbls and the Minerva Georgia on March 19, 2016 with 885,000 bbls. MT United Honor is expected to arrive in Lavera, France, on April 7, 2016. Minerva Georgia is destined for Algeciras, Spain, and is expected to arrive April 4, 2016, according to Genscape. The other two vessels bound for Europe were loaded in Corpus Christi. Overseas Pearlmar loaded at the Valero West terminal on March 19, 2016 with 488,000 bbls; the vessel is expected at Pembroke, UK, on April 5, 2016. SKS Spey loaded nearly 700,000 bbls at the NuStar terminal on March 20, 2016, and is expected to arrive in Rotterdam, Netherlands, on April 7, 2016.
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