Tanker volumes surged in March this year. Crude oil trade rose 23% mom in March which is nearly 15% higher compared to a year ago. While the demand increase happened in most regions, the biggest jump was China which was over 50% higher than February and up nearly 30% compared this time last year.
Product Tankers equally had an impressive March trading up 23% in March compared to a year ago. In Q1 they were up 11% compared to Q1 last year which gives you a more balanced perspective of the gains.
LNG continued to impressive with the first quarter up 19%. Cargoes to Europe appear to be growing while equally cargoes to Asia continue to be on the decline from a peak in January.
Chemical Tankers grew an impressive 26% MoM in March. Most of these volumes came from a surge in methanol volumes.