John Dragnis, chief executive, Golden Group of Companies:

“We stay moderately optimistic about the 2017 product tankers outlook. There are some encouraging demand-side signs. Many producers will keep more of their crude at home, feed stocking the local refiners, a fact that will shift part of the crude tanker demand to the products’ trade.

Additionally, new refinery capacity in Asia, especially in China, has already begun to put pressure on the old refineries of OECD countries.