Lloyd’s List: VLCC outlook: Sanctions, ‘pond full of black swans’ and China downside risk

January 9, 2025 “China’s Unipec is by far the world’s largest spot charterer of crude cargoes.” According to Poten & Partners, “Unipec handled 15% of dirty spot cargo volumes reported in 2024. No other charterer accounted for more than 4%.” Unipec’s 2H24 spot volumes fell to 93.4m tonnes, the lowest in at least six years. That was down 6% sequentially from 1H24 and down 21% from 2H19, prior to the pandemic.

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