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Eagle Ford condensate set to load from USGC for delivery to Europe

Houston — The vessel Minerva Zenia is set to load from the US Gulf Coast to the Mediterranean with options to the UK, carrying an export of Eagle Ford condensate from the US, a fixture report showed Wednesday.

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The foreign-flagged Aframax-sized ship, set to load September 20 and chartered by Petro-Diamond, Mitsubishi's wholly owned California trading arm, is currently in the Cayo Arcas terminal off the coast of Mexico, data from cFlow, Platts trade flow software, showed.

Several fixtures for condensate cargoes have been seen from the US Gulf Coast since April. According to shipbrokers' reports and Platts cFlow, two of the runs have been completed and two tankers are en route.

On April 30, the Panamax Hafnia Australia pulled out of Corpus Christi, Texas, with a Westport cargo and arrived June 9 in South Korea.

An Aframax, the Nevskiy Prospect, embarked on a trans-Atlantic run for SK Energy on August 22 from Houston, arriving Wednesday in Rotterdam.

The Lady M, also an Aframax, pulled out of Texas City, Texas, with a Vitol cargo August 29 and is due Saturday in the Azores, while the Suezmax Minerva Marina left the Galveston Offshore Lightering Area on Tuesday with a BP cargo.

Outbound shipments of condensate fell to 50,912 b/d in July from 58,276 b/d in June.

Outbound shipments of Eagle Ford Shale crude through the Port of Corpus Christi fell to 595,826 b/d in July from 615,741 b/d in June, recent data from the port shows.

The port's proximity to the Eagle Ford provides a direct route for moving crude and condensate to domestic destinations on the US Gulf and East coasts, as well as Canada.

Outbound shipments of crude and condensate are mainly sent to areas between Houston, Port Arthur and New Orleans, though there have also been shipments to the East Coast and Canada since August 2013, and more recently, exports to Asia and Europe.

Of the outbound Eagle Ford crude from Corpus Christi in July, 69% went to the US Gulf Coast market, most of which was moved to Texas and Louisiana. Specifically, 45% of total outbound shipments went to New Orleans, Morgan City and Lake Charles; 23% went to Beaumont/Port Arthur, Houston, Texas City and Victoria; and 1% went to Mississippi.

Meanwhile, 9% was shipped to the East Coast and another 25% to locations in Canada.

Eagle Ford condensate was more competitive in Asia in June compared with July.

Of the Eagle Ford condensate exported from the port in June, 74% went to the US Gulf Coast market while 17% went to South Korea. In July, 100% went to the US Gulf Coast.

--Jacqueline Puig,
--John DeLapp,
--Edited by Jason Lindquist,