VLCCs look set to benefit from a resumption in the growth of Chinese crude imports, which in the decade prior to the Covid pandemic had an average annual growth rate of 9.5%.

The outlook for Chinese imports in the second half of 2022 and into 2023 is “quite positive”, according to the latest report from Poten & Partners.

“We expect that the resumption of oil demand growth in China, combined with the multiplier of increasing ton-miles will reverse the fortunes of VLCCs in the remainder of 2022 and into 2023,” the shipbroker said.