Tanker Market: New Market Appears in Asia

TThe tanker market cannot continue to rely on Chinese imports, which have been a major growth factor over the past few decades. In its latest weekly report, the Gibson ship said that “In the last decade, oil demand has been determined by rapid growth in the Chinese economy, with a country responsible for 60% of global growth. However, with the view for changes in Chinese oil demand, the structure of global oil trade is also a combination issued by factors that contribute to highlands.

According to Gibson, “While China stagnates and is expected to experience a long-term decline in demand, India has emerged as a driving force for the largest oil demand in the world. As a rapidly developing economy, its demand is driven by urbanization, infrastructure development, and better industry. In oil-powered vehicles, with total country oil consumption is projected to jump at 1 MBD between 2024 and 2030. Tiger-Indonesia, the Philippines, Thailand, Malaysia, and Vietnam–significantly contributed to the pull of Eastern oil.

“Overall, the demand for oil in other non-oecd Asia (not. China and India) is expected to increase nearly 1.3 MBD in 2030 from 2024 levels. Most of these growth will originate from tiger cubs, which are driven by sectors in sectors that are completed as a whole, and industrialization.

Source: Gibson Shipbroker

The Shipbroker added that “as demand continuous to grow, Further gains in regional refining runs are also anticipated. Most Notably, Throughput in India Could Increase By 0.9 MBD by 2030, Driven by Several Greenfield Plants Coming. Increase, but will see much smoothly, up by just 250 kbd over the corresponding period, limited by weakening domestic demand for transportation fuels. Developed Asian Economies Could See a Drop on a Similar Scale. Overall, Regional Refining Throughput Could See a Net Growth of 1.3 MBD by 2030. China, Malaysia, and Australia.

“While the demand for Chinese oil is a plateau, trade to Asia is still expected to increase, although at a slower speed than previously expected. India’s revival and Tiger Cub economy are changing the structure of oil trade, with a wider demand that is distributed. Thus, tanker owners need to see outside China, with growth driven by a wider country group,” Gibson, Gibson.
Nikos Roussanoglou, Hellenic Shipping News worldwide