Read the Latest News Affecting the Tank & Terminal Industry

Magellan Sells Partial Interest in Pasadena Terminal JV for $270 Million
Bulk Transporter, May 10, 2021
Magellan Midstream has sold nearly half its membership stake in the Pasadena marine terminal joint venture, MVP Terminalling, for about $270 million to an unknown buyer. Magellan retains about 25% of MVP Terminalling and remains operator of the facility.

Howard Energy Partners Significantly Expands Its Port Arthur Terminal Facility to Support Local Renewable Diesel Production
MarketScreener, May 13, 2021
Howard Energy Partners (HEP) has entered into long-term agreements with joint venture partners Valero Energy Corporation and Darling Ingredients Inc., for a major expansion of HEP's Port Arthur, Texas terminal.

Houston Breaks Ground for Long Anticipated Channel Expansion
The Maritime Executive, May 11, 2021
The Port of Houston this week kicked off a long-awaited multi-year project to widen and deepen the Houston Ship Channel. The 52-mile waterway will be widened by 170 feet while upstream sections will be deepened to 45 feet.

U.S. to Boost Pipeline Cyber Protections in Wake of Colonial Hack
Reuters, May 25, 2021
The Transportation Security Administration is coordinating with pipeline companies to beef up their resilience and strengthen their systems against cyberattack such as the Colonial Pipeline hack earlier this month.

API Data Reportedly Show a Modest Weekly Decline in U.S. Crude Supplies
MarketWatch, May 25, 2021
The American Petroleum Institute reported a drop in crude inventories of 439,000 barrels for the week ending May 21. It also reported a drop of nearly 2 million barrels in gasoline and 5 million barrels in distillate stockpiles for the same timeframe. The report reflects the Colonial Pipeline outage.

Oil Edges Up as Rising Demand Faces Iran Supply Worries
Reuters, May 24, 2021
The easing of coronavirus restrictions, the start of the high-demand summer driving season, and worries about a possible influx of Iranian crude are beginning to push oil prices upward with Brent futures closing the week at $68.65 and U.S. West Texas Intermediate settling at $66.07 - the highest close for both this week.

HollyFrontier (HFC) to Purchase Shell's US Refinery for $350M
Zacks Equity Research, May 7, 2021
HollyFrontier Corporation has agreed to buy Royal Dutch Shell Plc's Puget Sound Refinery located near Anacortes, Washington.