Business Week: China’s Crude Oil Imports to Drive Tanker Market

“China, the world’s second-largest energy consumer, may lead an increase in demand for tankers as its energy needs rise, Poten & Partners said in a report. The country’s imports of crude oil in the spot market have increased fivefold over the past 10 years to the equivalent of more than 55 Very Large Crude Carriers, or VLCCs, last year from 11 in 2000, the U.S. energy consultant said. ‘China’s growing reliance on seaborne crude oil imports will set the tone of the tanker market for the coming decade,’ Poten said in a report to clients dated Feb. 19. ‘China’s expanding middle class, strategic stockpiling and complex refining capacity ensure that it will continue to be a large ship, crude oil story.'”