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The shipping number of the week provides members with a brief analysis of relevant developments in the shipping markets.
China’s crude oil imports have doubled from 2011 to 2021 and now account for 20% of global seaborne crude oil volumes.
China is the world’s largest importer of crude oil, accounting for approximately 25% of global crude import volumes. The country’s crude imports are also equal to about 25% of global seaborne crude oil volumes which contributed to about 30% of dirty tanker trade tonne miles in 2021 according to Signal Ocean statistics. From 2010 to 2020, China’s crude imports grew at an average annual rate of 8.5% and have been the key demand driver for both crude oil and crude tanker demand.
Capesize: Similar to last week, the Capesize started positively but it was soon paused.
Even with the sulphur cap expected to give a boost to the tanker market, high fleet growth will put pressure on earnings.