Seatrade: Winds of Change

“The future of the tanker market continues to be uncertain as tonnage oversupply takes on Chinese demand . . . . The inexorable growth of Chinese oil demand has of course been the big story of the last few years and a recent paper from New York-based Poten & Partners. From an equivalent of 11 VLCCs in 2000, China’s spot requirements rose to the equivalent of more than 55 VLCCs last year. Up to mid-February China had accounted for 30% of the VLCC spot requirement this year says Poten & Partners.”