But the policy changes are not concerning Gernot Ruppelt, Ardmore Shipping’s head of chartering, who sees China continuing to drive tonne-mile demand in the Pacific Basin.
In late 2015, the ministry of commerce gave the 17 privately held refineries a freer hand in international oil markets, issuing licences to use imported crude and to export refined products.
But these teapots are being reined in on both sides.
