North Chinese port operator Yantai Port Group has signed agreements with two subsidiaries of PetroChina to jointly build the LNG receiving station at west port area of Yantai Port and facilities of a 300,000 tonne-class crude oil terminal.
The ban of Qatar vessels from many ports in the Middle East region could impact the VLCC market according to Affinity Research.
Foreign demand for Iranian crude has more than doubled since sanctions against Iran were lifted early last year, according to new data from Vessels Value.
A record high crude oil tanker delivery amounting to 5.5m dwt in January has instantly threw the sector's demand-supply out of balance and put pressure on freight rates, according to a latest report by Bimco.
China’s Unipec remained by far the largest spot charterer of crude tankers in 2016 according brokers Poten.