ECONOMY

Ionia Management-owned tanker carries first crude oil load out of US

ionia-management-owned-tanker-carries-first-crude-oil-load-out-of-us

The first cargo of crude oil to be exported from the United States in over 40 years is sailing across the Atlantic on a Greek tanker.

After Washington lifted the ban on oil exports on January 1, a large number of US energy groups have already arranged for significant loads to be sent to foreign countries.

That Greek tanker is transporting its load to Italy. It is carrying crude oil from the Eagle Ford area in Texas that Conoco Phillips sold to oil trader Vitol, which in turn chartered the Theo T tanker, built in 2003 with a capacity of 73,000 deadweight tons and belonging to Greek shipping company Ionia Management SA.