Customs data show a strong month in May where there was growth for all cargo groups. Oil products was the star performer with a 24% increase month on month and 16.8% year on year. The increased demand was seen in the Suezmax, Aframax and Panamax segments.
Crude oil trade was also strong with 11.4% growth in May nearly offsetting the decline in April. The demand has been strong in China and equally among other countries too.
LPG demand has been growing twice the rate of LNG in May at 24% with most of the demand being in Asia. All chemical tanker cargoes had a strong month too in May, except for ethanol which has been declining for several month.