News: Increased oil tanker presence off US coast

News & Insights 4 May 2020


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Oil prices collapsed in early March due to the huge drop in consumption caused by the pandemic coupled with the price war. It has been reported that over 40 million barrels of oil is destined for the US Gulf and the west coast in the next few weeks.

Oil prices collapsed in early March due to the huge drop in consumption caused by the pandemic coupled with the price war. High storage levels and cheap prices have pushed oil traders to charter ships for floating storage. It has been reported that over 40 million barrels of oil is destined for the US Gulf and the west coast in the next few weeks.

The USCG has issued a news release that it is monitoring the increased presence of oil tanker vessels near the ports of Los Angeles and Long Beach. Due to the unique nature of this situation, the Coast Guard is constantly evaluating and adapting its procedures to ensure the safety of the vessels at anchor and the protection of the surrounding environment.
 
We recommend members to exercise caution and ensure that they are in consultation with the USCG to ensure that the ships are anchored in a safe and sheltered location.
 
The USCG news release is available here.

Categories: Loss Prevention

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