The number of supertankers heading to China fell to the lowest level in nearly two years, adding to recent concerns about demand in the largest oil importing country later this year.
Just 86 tankers listed China as their next destination within the next three months, down five from the previous week and the lowest weekly number since August 2022, according to data compiled by Bloomberg.
China’s demand outlook for the current half of the year is showing signs of softening, which could pose a headwind for crude oil prices. Concerns include a slower-than-expected recovery from seasonal refinery maintenance, slower purchases from key suppliers in July and the possibility of lower monthly imports.
About 35 tankers are headed to the United States, two down from a week ago. Fourteen are headed to Angola, the highest rate since late April. The South African producer has been looking to boost exports since leaving the OPEC+ group of producers. Click here for a PDF with more details on destinations.
A total of 546 vessels indicated upcoming destinations on Friday, according to MAP data based on ships scheduled to arrive through Oct. 3. Routes are subject to change and 37 of the tankers did not indicate a clear destination.