March 31, 2023 – Bloomberg
Fuel-Tanker Demand Is Booming as Asia, Middle East Refine More Oil
By Chunzi Xu and Alex Longley
The center of gravity in the global oil-refining complex is shifting sharply eastward — and that’s spurring a boom in the business of building ships to haul fuel around the globe…
…The total amount of fuel that can be found at sea is currently more than 200 million barrels, up from 177 million two years ago, according to data from Kpler Inc. The figures include cargoes in transit, being moved from ship to ship, floating in storage or simply stuck in congestion.
Already, buyers on the US East Coast are taking more fuel shipments from the Middle East and Asia as exports from Europe dry up. Australia, which saw some domestic refineries close, is drawing more cargoes from north and southeast Asia, and India is exporting more products to Latin America. In the years ahead, US Gulf Coast refineries are poised to ship more to West Africa and Europe, said John Auers, managing director of refined fuels analytics at consultancy RBN Energy.