So far, this year’s tanker trade is significantly lower than 2019 and 2020. On average, performance across all tanker groups is 5% lower than this time last year. February’s usual challenges of fewer days per month and the impact of the Chinese New Year on data reception are to be expected.
Typically, trade across all tanker types on a month-on-month basis is down by 9% compared to January. Despite China managing well, Crude Oil has dropped in February by 7%. Chinese imports of Crude Oil rose to 40.6% in January and fell slightly to 37.6% in February, giving a fairly strong reading on trade here. Oil Products, varying slightly better, have also experienced a 2% decrease.
Whilst India’s trade has dropped back a little, figures remain fairly strong throughout February indicating some positivity.
Compared to February 2020, LNG appears to have stepped back a little: down by 6%. When looking at quarter-on-quarter data however, there has been a 1% rise during the first quarter.