Tanker Ships Demand Increase As Asia And Middle East Refine More Oil
This year has been one of the busiest quarters for mid-range tankers since 2013, with 38 orders placed for tanker vessels, according to a major Shipbroker.
Additionally, 28 ships have been assigned international serial numbers compared to the 31 for all of last year.
An abundance of inefficient refineries in the US and Europe were forced to shut down due to the pandemic, leading new production complexes in Asia and the Middle East to arise in response to the increasing demand for gasoline, diesel and jet fuel.
As these new producers supply more products to customers across the world, tanker rates increase, leading shipping businesses to be more profitable while also causing a spike in vessel construction.
Reference: Financial Post, Netdania