China’s ongoing issues with Covid-19 are proving helpful to product tankers though eased pandemic restrictions could end that, BRS Group said.
The French shipbroker said in its weekly note on Monday that rolling lockdowns were causing Chinese oil demand to contract by 400,000 barrels per day, leaving some oil products for export despite decreased runs.
“One big plus for tankers and indeed, the global economy, is that low end-user demand in China is leaving more refined products available for export,” the broker said.
