Product tanker: Demand can increase

TThe product tanker market can be determined to rest in the coming months. In its latest weekly report, the Gibson ship said that “Last month the purification runs reaching the highest level of all time of more than 85MBD, with the refineries running much harder this summer than at other points since Pandemi. Globally, also a good improvement to demand better regulations than better regulations than those estimated by many people, which are not only challenges.

According to gibson, “for product tankers, the first half of the year saw global cpp export volumes fall back, barely exceeding 2023 levels. Howver, with refiners cranking up activity through June Volumes from the middle east were seeing over summer, with refining runs there close to maximum levels, while europe imported record volumes of jet fuel last month.

Source: Gibson Shipbroker

“In Europe, the refinery continues to be under competitive pressure and regulations. During the summer, Prax bankruptcy witnessed 113,000 B/D Lindsay The refinery in the UK was closed, only a few months after Petroineos stopped repairing at 150,000 B/D of a better share than a better regional facility in Export. Refinery has faced operational declines that often try to achieve stable running,” said Gibson.

Meanwhile, “In the US, P66 is in the process of closing the 139,000 B/Los Angeles factory, while Valero plans to close 160,000 B/D refinery Benicia, also in California. However, with changes in US environmental policies, the decline carried out in the US is likely to be slower than expected. Package to keep the refinery running.

“In China, the drainage is also under pressure. Some factories have been closed last year, with increased government pressure to rationalize capacity, while the oppression of tax avoidance threatens to further pressure small independent refineries. Adding pressure is the decline in domestic fuel demand when the country shifts towards EV,” Gibson said.

Howver, according to the shipbroker, “Despite These Challenges, Global Refining Throughput is still expected to grow by 500,000 b/d Next year. Oecd Countries will see a 500,000 B/D Decline, WHILST NON-OECD COUND by 1 million b/d, with 40% coming from the middle east, partly supported by the expansion of bahrain’s sitra refinery.
Nikos Roussanoglou, Hellenic Shipping News worldwide