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Monday, May 04, 2009

China tanker market to 'outperform' other countries

Monday, 04 May 2009

China's oil tanker market will stay buoyant while outlook for the global market remains grim, an official from China Shipping Development Co Ltd has said. Managing Director Mao Shijia said the shipping industry was ''highly cyclical'' and that the ongoing economic crisis might continue to pull it down until the end of this year.
He anticipated a complete recovery of the global oil tanker shipping sector to take place around 2012.
Mao, however, pointed out that the oil tanker market in China would outperform other countries as a result of Chinese emand.
China relies on imports for 50% of its demand. Of that 50%, 80% is shipped from the Middle East and Africa.
He forecast that China's overall oil demand in 2009 would increase by 0.64% year-on-year and that worldwide demand will shrink by about 1.5%.
China Shipping Development has 14 oil tankers with total loading capacity of 2.26 million tonnes.
Source: Tankerworld