There was a strong rebound in crude oil exported to India with 19.9 million tonnes transported in
November, the highest level since March. Nevertheless, global crude oil is down significantly, 9%
compared to a year ago.
Oil products are down much less. Q4 looks like it will be down only 2% compared to the previous
Q4. Fuel oil was the hardest hit, down 22% in terms of volume for 2020 but down o 7% in terms of
tonne mile. This could be partly down to IMO 2020 regulation changes and the different variants of
fuel oil being moved.