The seemingly irrepressible growth of Chinese oil demand in recent years shows little sign of abating in the medium term. In response, the country is set to add 2.71 mb/d of refining capacity between 2011-15. leading to similar crude import growth over the same period. The support that China has offered to the crude tanker market during a period of lacklustre demand looks set to continue. A number of mitigating factors are emerging, however, that may limit the upside for vessel owners.
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