Energy Compass: Market Forces: Chinese Grip on Shipping

“In its drive to supply China with crude oil, state Sinopec’s trading arm Unipec has rapidly grown to become the world’s largest charterer of tankers on the spot market, generally for single voyages. In 2013, Unipec fixed more than 10 very large crude carriers (VLCCs) per week, enough to transport some 3 million barrels per day of crude, according to a Poten & Partners research report, with the number of VLCC fixtures by Unipec last year totaling 556.”