Corpus Christi gears up for VLCC exports of U.S. crude

JULY 30, 2018 – The Port of Corpus Christi, Texas, is moving ahead with plans to handle fully loaded VLCCs carrying U.S. crude oil exports.

Last week, the port successfully priced and sold $216.2 million of Senior Lien Revenue Bonds. These bonds will be used for both the deepening and widening of the Corpus Christi Ship Channel as well as upcoming capital projects within the port. ‘

Wells Fargo Securities acted as Lead Manager of a syndicate of underwriters including JP Morgan, Citigroup, and Frost Bank.

Funding for the Channel Improvement Project will allow the port to partially load VLCCs in the inner harbor, and start constructing facilities at the adjacent Harbor Island to fully load VLCCs, boosting export capacity for growing US crude production.

“We are pleased with the level of interest the institutional investment community demonstrated for both series of our bonds.” said Sean Strawbridge, CEO of the Port of Corpus Christi. “This round of funding will help the Port of Corpus Christi further progress our ambitious yet achievable capital investment program designed to increase exports of U.S. produced energy to our allies and trading partners around the world.”

Port Corpus Christi is the fourth largest port in the United States in total tonnage. Strategically located on the western Gulf of Mexico with a 36 mile, 47 foot (MLLW) deep channel, Port Corpus Christi is a major gateway for international and domestic maritime commerce.