The tanker market is set for a strong period of sustained growth not seen for 15 years, according to Bimco.

Crude and product tanker demand will outstrip supply in 2023 and 2024, driven by expected growth from China and rising demand for jet fuel as the world’s largest importer of oil opens for global travel after the pandemic.

The US Energy Information Administration predicts that China will account for 38% of the growth in oil demand between 2022 and 2024, with India accounting for 18%.