China demand may boost ton-miles for tankers
Oil shipments to China from West Africa will rise again this year, precipitating a greater shift in trade flows to Asia from the Atlantic region as US crude imports fall further, according to a report from Arctic Securities, Seatrade Asia online reports.
It added that China will boost imports of West African crude by 18% in 2013, above last year’s 16% rise. This will offset a forecasted drop in US seaborne imports, and boost global ton-mile demand for oil tankers by about 3.4%.
Shipments in crude in tankers to China will rise 6% to 5.6 million barrels a day in 2013, while imports of Latin American oil will increase 12%, rising faster than last year’s 8% rate of increase. China's imports of Persian Gulf crude are expected to fall to 52% of shipments from 58% previously.
