The Port of Corpus Christi in Texas should be capable of loading Aframaxes, Suezmaxes and partially loaded VLCCs to export US crude by October 2020, an executive with the Carlyle Group, the company that is involved in the port’s expansion, informed.
Namely, Ferris Hussein, managing director at The Carlyle Group, noted that the Port is expected to be ready by October, 2020, at 54 feet. This will enable it to accommodate Aframaxes, Suezmaxes and partially loaded VLCCs to export crude.
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In addition, the port would be dredged to 75 ft about 18 months later, facilitating VLCCs to fully load crude by April, 2022. Despite this statement however, Sean Strawbridge, Port of Corpus Christi CEO, claimed this estimate is ‘ambitious.’ According to sources, he explained that it could be done, but a 36-month process would be more realistic. What is more, the dredging of the channel will not take place without any difficulties.
Moreover, the Port cooperated with the Carlyle Group, as it was not seeking federal funds for the expansion to 75 ft. If it were, then it would have to obtain congressional authorisation.
Today, Mr. Strawbridge stated that dredging demand surpasses supply, mainly due to the Jones Act and the Dredging Act of 1906. Specifically, there is a huge amount of international dredging capacity that could be brought to the US even US crews. Nonetheless, he added that these two measures will not make it happen, thus increasing dredging costs.
