- Logistical constraints at the Port of Vancouver mean waterborne oil exports from the highly anticipated Trans Mountain pipeline expansion due to start up on Wednesday may only be around half what the Canadian government-owned corporation has forecast, traders and shipping sources said.
Ship broker BRS estimated only 15-17 Aframaxes a month would leave Westridge dock. Over the last few years, data showed loadings at Westridge have averaged one or two Aframaxes per month, BRS said, suggesting a significant increase in tanker traffic. Extended time at anchorage and in port due to delays can increase demurrage charges, fees levied for using a vessel beyond set dates, said Brendan Hoffman, CEO of shipping consultancy service Haugen Consulting LLC. It could also tighten the supply of available Aframax vessels, he added.
"The existing regime has been in place for 30 years, it's just going to be more of the same," said Young, adding he expected there to be a gradual increase in vessels loadings with Trans Mountain crude over the next 12 to 18 months. "We're literally waiting like crows with some of ours ," said the source, who was not authorized to speak on the record. "The question is do we keep waiting like vultures or reposition our Aframaxes to other markets."
Canada’s workforce is older than it has ever been, and many are surprised to learn they could lose access to short- and long-term disability insurance the day they turn 65. -Reliance Industries has bought 2 million barrels of Canadian crude from Shell for July delivery, marking the Indian refiner's first oil purchase from Canada's new Trans Mountain pipeline, trade sources said.
Westridge Marine Terminal Oil Exports Westridge Port Of Vancouver Oil Prices Aframax Expansion Project Shipping Channel
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