rss icon Subscribe
desktop mobile

US Seaborne Crude Oil Exports Up 51%

© Mitya Nevsky / Adobe Stock

December could boast another all-time high for US seaborne crude oil exports, totaling 13.9 million metric toes and exceeding the previous October record by almost a million metric tons. In 2019, 133 million metric tons of sweet US crude oil was exported by sea, a 51% increase from 2018.

Due to the US shale revolution, the country became a net seaborne crude oil exporter in October 2019, and the record-breaking exports in December solidified the trend, as imports for the month amounted to 11.5 million metric tons crude oil. BIMCO expects the US to become a net seaborne crude oil exporter on an annual basis for the first time in 2020.

Asia and Europe remained the largest import regions of US crude in December, accounting for 38% and 41% respectively. The long-haul trips to Asia, with South Korea as the largest regional US crude importer, generate a positive ton-mile upside for the crude oil tanker market.


Under the first phase of the US-China trade agreement, China has pledged to buy an additional $52.4 billion worth of US energy goods, spread out over a two-year period. BIMCO expects at least half of the extra energy purchases to be crude oil. The long-haul nature of the US-China trade provides a net positive for the oil tanker segment, but it remains to be seen whether the deal will result in the creation of new trade or merely serve as a diversion of existing trade flows.

Feb 12, 2020



COVID-19 Could Impact Indian Shipping

Image: Jawaharlal Nehru Port Container Terminal (JNPCT)

India’s shipping and ports industry is likely to be negatively impacted by the outbreak of

LNG Storage Tank Market to Reach $17.5Bn by 2025

Image: Linde Plc

LNG storage tank market is expected to grow from USD 12.5 billion in 2020 to USD 17.

GTT Wins 2 LNG Tank Design Orders from Hyundai

Image: GTT

French multinational naval engineering company Gaztransport & Technigaz (GTT) has received two


Oil Firms to Spend $53Bn at Stabroek Block

Image: Rystad Energy

Global oil firms are preparing to spend more than $53 billion in Guyana’s coveted Stabroek Block

Coronavirus Leaves China-bound Tankers Stranded

© Riekelt / Adobe Stock

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

AdobeStock_45230 / Adobe Stock

Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts

Maritime Apps