Pin Oak Corpus Christi, LLC (“Pin Oak Terminals”) received its first vessel Wednesday at the newly commissioned Oil Dock 14 at the Port of Corpus Christi. The new dock can accommodate fully laden bulk liquid tankers up to Suez-max class with loading rates in excess of 40,000 barrels per hour. The Port of Corpus Christi is the primary gateway for American energy exports in the United States.
The new dock construction was a joint effort between the Port of Corpus Christi Authority and Pin Oak Terminals. The Port Authority constructed the dock, mooring structures and dredging while Pin Oak installed the topside handling equipment, the storage facilities, and the common carrier pipeline interconnects.
Pin Oak Terminals is a joint venture between Dauphine Midstream LLC (“Dauphine”) and Mercuria Energy Group Ltd. (“Mercuria”). Dauphine is a portfolio company of Pelican Advisors, LLC and is focused on the development, acquisition, and operations of midstream assets throughout the world. Mercuria is a global commodities group that primarily focused on energy. In 2014, Mercuria acquired the physical commodities trading unit of JPMorgan Chase & Co.
“The Port of Corpus Christi congratulates Pin Oak Terminals on the arrival of their first vessel in Corpus Christi and looks forward to a successful partnership with Pin Oak and their ownership, Dauphine and Mercuria.,” said Sean Strawbridge, Chief Executive Officer for the Port of Corpus Christi. “Continuing our mission of creating value for our customers while driving economic prosperity for Texas is our obsession, particularly as we move to a post-COVID-19 recovery era.”
“We set out on this course roughly two years ago to execute on a significant capital development program in conjunction with the Port of Corpus Christi to create a world-class multi-modal terminal company,” said Corey Leonard, Chief Executive Officer of Pin Oak. “Bringing Oil Dock 14 online for Suez-max class vessels is a key component of our strategy, and this week’s achievement marks a significant milestone in our efforts to become the premier terminal and logistics company in the South Texas market.”
“We are proud to have partnered with Pin Oak Terminals to make this milestone a reality,” said Charles W. Zahn, Chairman of the Port of Corpus Christi Commission. “As the Energy Port of the Americas, it is more vital now than ever that we continue to help facilitate commerce to help our nation and the rest of the world on the road to recovery.”
