CPC terminal nears pivot: SPM-3 return eyed as storage hits capacity

CPC terminal exports have collapsed to ~600 kb/d with storage reaching critical levels (93%), intensifying the urgency for the reported—but not yet observed—return of SPM-3.

The CPC Terminal is approaching a critical pivot point. Following attacks on Single Point Mooring 2 (SPM-2) in late November 2025, exports plummeted from a peak near 1,800 kb/d in September to 1,047 kb/d in December—the lowest level recorded since October 2022. The loading pace in January has further aggravated, hovering just above 600 kb/d following recent Ukrainian drone attacks on vessels at the terminal.

However, news reports indicate that the terminal’s SPM-3 is ramping up maintenance activities and is scheduled to be back online in the upcoming days. While Bloomberg and Reuters suggest an imminent return, Kpler has not yet observed the resumption of loadings at this point. Historical data indicates that SPM-3 could restore up to ~1,000 kb/d of loading capacity, which is urgently needed.

The operational pressure is acute. Kpler’s most recent crude oil inventory measurement indicates that the CPC terminal’s 6.3 Mbbls tank capacity is nearly full at 93.4%. Furthermore, while SPM-3 may provide relief, Interfax reported that the Caspian Pipeline Consortium plans to dismantle the damaged SPM-2, which might cause further disruptions.

CPC Terminal monthly exports

Source: Kpler