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Western ‘Dirty Tanker’ Exports Fill Void, BIMCO

[ June 4, 2026   //   ]

Dirty tanker exports from the Americas reached a record 14.5 million barrels per day in May, according to BIMCO, as oil producers in the Western Hemisphere moved to offset supply disruptions caused by the closure of the Strait of Hormuz.

The May total surpassed the previous record of 13.8 million barrels per day set in April and was 40 percent higher than a year earlier. During the three months since the start of the Iran war, exports from the Americas have risen 23 percent year-on-year.

BIMCO Chief Shipping Analyst Niels Rasmussen said the U.S. has been the primary driver of the increase, supported by higher shale production. Additional growth has come from Venezuela, Brazil, Canada and Guyana, where new production capacity has entered service.

East Asia overtook North America as the largest destination for Americas crude exports in May, only the second time that has occurred since 2023. Shipments to Asia rose from 4.1 million barrels per day during March-May 2025 to 5.4 million barrels per day during the same period this year.

For tanker owners, the biggest beneficiary has been the Aframax/LR2 segment, which accounted for nearly half of the year-on-year export growth. However, an influx of LR2 product tankers into dirty trades has pressured freight rates despite stronger cargo volumes.

Analysis Lite

The Americas – led by the U.S., Brazil, Guyana and Venezuela – are increasingly acting as the swing supplier for global crude markets. This structural shift in tanker trade has been building for years but is being accelerated by the Hormuz crisis.

As long as the Strait of Hormuz remains effectively closed, growing exports from the Americas are helping replace lost Persian Gulf supply and supporting global energy markets. Once Middle East exports resume, those additional barrels could help satisfy demand growth and rebuild depleted oil inventories, providing continued support for tanker demand.

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