Discover the Hafnia-Zambesi: Ratings & Maritime News

In a landmark event for the U.S. energy sector, the oil tanker BW Zambesi has initiated the loading of condensate, also known as ultra-light oil, marking the first export of its kind from the United States in 40 years. According to sources familiar with the operation, this significant milestone was achieved on Wednesday, July 30. The BW Zambesi, an LR1 tanker and Panamax-class vessel, was chartered by Westport Petroleum Inc., the shipping division of Japanese trading giant Mitsui & Co., in mid-July. The vessel, owned by BW Group, docked at the Galveston terminal in Texas on Tuesday, July 29, to facilitate this historic loading operation. The BW Zambesi is set to transport just over 400,000 barrels of condensate, destined for Asia, with an estimated arrival date of early September. This cargo has been purchased by South Korean refiner GS Caltex from Mitsui, signifying a major shift in the U.S. export market. Source: Reuters

In an exciting development for the shipping industry, Texas is preparing for its inaugural condensate cargo export, set to commence loading at the week's end. This milestone shipment is scheduled to traverse the Panama Canal en route to Asia, according to industry insiders. Westport Petroleum Inc., the shipping division of Mitsui & Co. based in Franklin, Tennessee, has secured the services of the BW Zambesi, a Long Range 1 (LR1) tanker, classified as a Panamax vessel. Reports indicate that Mitsui has acquired a substantial 400,000-barrel cargo, which is being actively marketed to Asian refiners. The anticipated cost for this one-way trans-Pacific voyage stands at $1.8 million, with a transit period projected to exceed one month. Currently, the BW Zambesi is anchored off the coast of Galveston, Texas, having arrived at the Galveston Offshore Lightering Area on June 22, as tracked by Reuters shipping data. Notably, this is the first of three condensate cargos procured by Mitsui, marking a significant step in global energy trade.