“Year-to-date, Canadian crude tanker exports have reached 618 thousand barrels per day (kbpd) up from 388 kbpd during the same period last year, an increase of 59%,” says Niels Rasmussen, Chief Shipping
“Year-to-date, Canadian crude tanker exports have reached 618 thousand barrels per day (kbpd) up from 388 kbpd during the same period last year, an increase of 59%,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.
When the Trans Mountain Pipeline extension opened on 1 May 2024 its capacity grew from 300 kbpd to 890 kbpd. Consequently, exports from Vancouver increased significantly starting in June.
So far this year, the Vancouver exports have reached 373 kbpd to contribute 60% of total Canadian crude tanker exports. Before the Trans Mountain Pipeline expansion, Vancouver volumes made up only 10-15% of total exports.
“Since June 2024, Aframax and Panamax crude tankers have benefitted from the increased volume, loading respectively 75% and 25% of the Vancouver volumes. The Panamax ships mainly export to the US whereas Aframax ships also export to Asia and therefore benefit from longer sailing distances,” says Rasmussen.
Despite the increase in exports to Asia following the opening of the Trans Mountain pipeline extension, 58% of Canada’s seaborne crude tanker exports are still headed to the US. East Asia has emerged as the second largest destination, taking 21% of total volumes and 35% of those loading on the Pacific Coast. China has
Content Original Link:
" target="_blank">
