OPEAHAA: China Refinery Plans Call for More VLCC

“Despite a slowing national economy brokers Poten & Partners reckon China could need an additional 96 VLCCs to meet planned increases in refinery capacity by 2018. “…Chinese oil companies control about 35% of the VLCC market between spot and term charters, Poten estimated. The trade routes from West Africa and the Arabian Gulf to China are the busiest routes for Chinese spot charterers, accounting for 94% of all sea borne crude imports to the country.”