Port of Corpus Christi sees 65 % increase in export of crude

 S&P Global Platt:

The Port of Corpus Christi saw a 65% increase in crude shipments in 2020 to 96.4 million mt, leading to a record tonnage throughput of 159.7 million mt in a year that saw immense volatility in the global crude market, the Port of Corpus Christ said in a press release late Jan. 21.

"Despite the extraordinary challenges we navigated in 2020, the Port of Corpus Christi and its customers have yet again demonstrated the resiliency of this strategic gateway for American goods to reach global demand centers," Sean Strawbridge, CEO for the Port of Corpus Christi said in the release.

In December 2020 alone, the port tallied 1.9 million b/d of crude exports, the release said. This came at a time when Americas-loading dirty tanker freight rates were at or slightly above all-time lows due to ample availability of tonnage globally and lack of charterer interest.

In the first 11 months of 2020, the Port of Corpus Christi accounted for just over half of total US crude oil exports, averaging 1.63 million b/d, according to data from the Port of Corpus Christi and the US Census Bureau.
...

The cost of transporting two million barrels of crude out of the USGC to crude demand hubs of China and South Korea is at its lowest level since July 2018. The cost of taking a VLCC on the benchmark 270,000mt VLCC USGC-China route was last assessed Jan. 22 at lump sum $4.3 million. Freight for the route averaged $4.8 million in December 2020, 59% lower from December 2019.
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With Biden blocking crude production on federally controlled sites it is likely that crude that would have been exported will be needed for domestic consumption. The Port of Corpus Christi has been expanding its operations and there are plans for offshore terminals to be used for larger ships.  Biden's policies could kill those projects and jobs too.

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