Houston, 31 October (Argus) — Hurricane damage in the US northeast has reduced demand for US Gulf refined products, prompting traders to look at markets outside the region.
Tanker charterers have arranged to load clean product onto around 20 medium-range tankers within the next 10 days. All 20 vessels, amounting to more than 6mn bl of capacity, were booked within the past 48 hours. Normally only 4-7 medium range tankers would be booked for ex-US Gulf voyages in a 48-hour period.
Product being moved out of the US Gulf is likely to be shipped to Latin America or Europe, although many of the 20 vessels recently booked still have an open destination.
The export rush follows a collapse in shipments to the US Atlantic coast in the aftermath of Hurricane Sandy. That storm both reduced the region's demand and closed ports and part of the Colonial pipeline, which moves clean product from the US Gulf to the eastern seaboard.
Send comments to feedback@argusmedia.com
jd/ljc 3.0
If you would like to review other ArgusMedia.com content options, request more information about Argus' energy news, data and analysis services.
Copyright © 2012 Argus Media Ltd - www.ArgusMedia.com - All rights reserved.
