DIRTY TANKERS QUARTERLY: Markets adjust to shifting trade patterns
Weak VLCC market fundamentals have framed an obscure outlook for the smaller tanker sizes. A resurgence of COVID-19 cases in China led to a series of lockdowns across the country and reduced crude import appetite from domestic refiners. This in turn translated to weakening long-haul demand for VLCCs out of West Africa, putting pressure on freight rates out of the…