China’s smallest oil imports from West Africa in at least two years are curbing demand for tankers on the third-longest trade route, prolonging the worst rates in more than a decade for Frontline Ltd. and other owners.
Chinese refiners will buy 28 percent less West African crude this month than a year earlier, the least in data starting in August 2011, according to loading plans and a Bloomberg News survey of eight traders. Shares of Frontline, which operates 32 very large crude carriers, will drop 38 percent in 12 months, the average of 14 analyst estimates compiled by Bloomberg shows. Those of Euronav SA, with 13 supertankers in its fleet, will retreat 24 percent, the forecasts show.
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Isaac Arnsdorf and Rob Sheridan, Bloomberg via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/jbC1Jh7G3p8/
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