There are currently 117 of the industry’s largest crude carriers en route to ports in China, reports Bloomberg, the largest number of such vessels since at least the start of 2017, and quite possibly ever.
That would add up to at least 230m barrels.
China’s apparent oil demand rose by about 11% in April compared with the months before. “Chinese purchases are done on geopolitical grounds and pricing ground,” said Peter Sand, chief analyst at BIMCO.
Many of the shipments that are due to arrive between now and mid-August were likely to have been purchased last month, when international oil prices plunged.