Caribbean Basin Exports Soar, Boosting Dirty Tanker Market | Mariner News
Caribbean Basin crude oil and heavy product exports have surged by 45% year-on-year, injecting 210 million new barrels into the dirty tanker market this year. This equates to an additional 790,000 barrels per day (bpd), establishing the Caribbean Basin as the area contributing the largest volume of new crude oil and heavy product barrels to the dirty tanker sector so far this year.
According to data from Signal Ocean, year-to-date exports from the region increased by 234 million barrels compared to 2025. Niels Rasmussen, Chief Shipping Analyst at BIMCO, highlighted this significant jump, noting the 45% increase. Adjusting for transshipped barrels via the Bahamas, the net addition to the market remains substantial.
The dramatic increase elevates the Caribbean Basin to the eighth-largest export area globally, now surpassing traditional hubs such as the Black Sea & Marmara Sea, the Baltic Sea, and the North Sea in terms of export volumes.
This growth represents a genuine expansion of supply, distinct from regional reconfigurations. For instance, while Red Sea area exports have risen by 1.9 million bpd year-to-date, this increase is primarily due to the rerouting of existing Saudi barrels from the Persian Gulf, not an addition of new supply to the market. In fact, Saudi Arabia’s total exports have fallen by 1.7 million bpd this year.
The sustained increase in Caribbean Basin exports suggests a notable shift in dirty tanker employment patterns, driving increased demand for liftings from the region and potentially influencing vessel positioning and chartering strategies for relevant tanker classes.
