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Giant oil ships from the US to cut time, money and traders

The possibility of loading oil onto supertankers from the LOOP oil terminal in Louisiana could reduce export costs by cutting time, money and traders.

Photo: Bloomberg

Big oil tankers sailing from the US are set to bring along some benefits for refiners in Asia while allowing them to sidestep traders serving the world's top crude-buying region.

The new option to load oil into very large crude carriers at the US Gulf Coast terminal operated by the Louisiana Offshore Oil Port, or LOOP, will reduce costs and waiting time for Asian buyers of American supplies, according to shipbroking firm Braemar ACM. It also reduces the need to rely on traders to manage complicated tanker logistics that sometimes involve multiple smaller vessels transferring crude into a bigger boat.

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