Like their capesize counterparts in the dry bulk market, the largest crude tankers have also seen some respite recently as spot rates havernrecovered, partly due to a rise in demand for crude imports in China, partly as a result of its economic stimulus package but also due to building its crude oil strategic reserve. Optimism has also been generated by a slight upward revision in forecasts for global crude oil demand and the related rise in crude oil prices to over $70 per barrel. The International Energy Agency noted in mid-June the apparent emergence of improved fundamentals as refineries increased throughput.
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