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China Return and Russian Sanctions Boosting Tanker Market: Euronav

OIL

Returning Chinese demand and the rerouting of flows because of Russian sanctions are fueling the tanker market according to Euronav.

  • "The EU embargo on Russian oil ... created additional shipping demand as crude trading patterns required longer voyages and therefore captured more shipping capacity," Chief Executive Hugo De Stoop said.
  • Euronav said it saw stronger oil demand from China following the Lunar New Year holiday and the lifting of COVID-19 restrictions in early January.
  • "We are very optimistic about the fact that the economy will grow massively compared to the previous quarter," De Stoop said about China returning back to the market.
Energy BulletsCommodities
Energy BulletsCommodities

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