Peaking Duck
For the past two decades, the tanker market has benefited from strong, near continuous growth in Chinese crude oil imports. Consistent refining capacity expansions and flat crude production have left Chinese oil companies with little choice but to boost imports, whilst prior to the pandemic, Chinese refiners were increasingly using their advanced and efficient facilities to boost product exports across Asia and beyond. However, just as the global energy landscape is moving towards a lower carbon future, so is China. So, what does this mean for tankers? Can Owners continue to rely on China to drive oil demand in the decade ahead or is Chinese oil demand close to peaking?
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