finance
Record Number of Oil Tankers Head to US Gulf Coast for Loading
Shipping data indicates 171 crude oil tankers are en route to the US Gulf Coast, exceeding the typical monthly figure of 110. This increase occurs amid global energy supply challenges in Europe and Asia. US crude exports are projected to rise to 5.2 million barrels per day in April.
Apr 14, 10:00 AM·2m read1 source
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An increased number of crude oil tankers are heading to the US Gulf Coast to load oil for export to international markets. According to shipping data from maritime intelligence company Windward, 171 tankers are bound for the region. This figure compares to about 110 tankers in a typical month.
The surging vessel traffic comes as nations throughout Europe and Asia grapple to secure energy supplies and regional prices skyrocket. Germany is providing emergency fuel relief to its citizens while officials in the Philippines recently declared a national energy emergency as the world looks increasingly to the U.S. to replenish war-starved oil and gas markets.
A president addressed the situation on social media on Saturday. He stated that massive numbers of completely empty oil tankers are en route to the United States to purchase American energy. >"Foreign buyers are voting with their ships: American energy means stability, strength, and freedom from Middle East blackmail," the president posted.
Oil markets research firm Kpler estimates U.S. crude oil exports in April will reach 5.2 million barrels per day, up about one-third from 3.9 million barrels a day in March, the Financial Times reported last week. A North Carolina-based Kpler analyst described the incoming ships as an armada of tankers heading to the US.
America and Israel on Feb. 28 launched military strikes against Iran. The Iranians, with control of the Strait of Hormuz, has stymied an otherwise one-sided confrontation. An 11th-hour ceasefire to last two weeks was announced.
As the shipping logjam continues, Windward’s daily intelligence report shows 732 vessels carrying oil, gas, refined fuels, and other fossil fuels-based products await transit through the Strait of Hormuz. To avoid the volatile region, many of these vessels are now rounding the Cape of Good Hope at the southern tip of Africa – a detour that bypasses the Suez Canal but adds up to 15 days of travel time to reach American docks.
