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Page added on April 16, 2012
China to Overtake U.S. as Biggest Tanker User
China will pass the U.S. in 2013 as the biggest user of tankers carrying oil at sea as Asian imports travel over longer distances and fewer cargoes go to the world’s biggest economy, according to Arctic Securities ASA.
The CHART OF THE DAY shows tanker use based on ton-mile demand, which multiplies cargo size by voyage length, is rising for China and dropping for the U.S., according to figures from the Oslo-based investment bank. Chinese tanker usage will gain 18 percent to 2.43 trillion ton-miles by 2013 as the U.S. falls 13 percent to 2.36 trillion, Arctic estimates.
“While U.S. seaborne imports are set to decline as a result of higher domestic production, falling refinery capacity on the U.S. East Coast and increased pipeline imports from Canada will have a negative impact on tanker demand,” Erik Nikolai Stavseth, an Arctic analyst, said yesterday by e-mail.
China will account for 25 percent of oil-tanker demand by 2015, against 19 percent for the U.S., according to Arctic. U.S. seaborne imports of crude will decline to 7.6 million barrels a day by that year, the lowest level since 1995, from 8.3 million this year, the bank estimates.
Sunoco Inc. and ConocoPhillips have closed or idled refineries in Pennsylvania. Sunoco plans to shut a plant in Philadelphia by July unless it finds a buyer. Asian refineries will add a further 4.3 million barrels a day of capacity by the end of 2015, and newer plants in the region can handle low-grade Middle East and Latin American crudes, Stavseth said.
4 Comments on "China to Overtake U.S. as Biggest Tanker User"
Kenz300 on Mon, 16th Apr 2012 7:25 pm
China is the driving force in world oil prices. With their economy growing at 8% a year they are using more oil every day. China is now the worlds largest auto market. We will see how their expanding demand for oil outpaces the worlds ability to supply more. The world is in for a price and supply shock. Too few individuals, businesses and politicians are preparing.
Rick on Mon, 16th Apr 2012 8:26 pm
Right on Kenz300.
Though, China came to the party too late. Meaning there are not enough resources left for them to maintain their current standings. Of course that holds true for all. Climate change will really hurt them.
Meanwhile, they’ll suck the world dry, and pollute the hell out of it, just like the US is still doing.
MrEnergyCzar on Mon, 16th Apr 2012 8:27 pm
20 million new drivers per year… that about sums it up.. Those aren’t even replacement cars… Mostly first time drivers…
MrEnergyCzar
BillT on Tue, 17th Apr 2012 4:17 am
“… While U.S. seaborne imports are set to decline as a result of higher domestic production …”
WOW! Really? Maybe the demand is lower because……Americans will have less money to spend on gas and oil products and not that we are actually producing more? I suspect that after the hype and oil pimping, that the Us will be lucky to keep a level domestic production for the next decade or so. There will be NO real growth.
You might say that a war in the Middle East involving all of the ME countries would also improve our domestic production percentage over imports by rapidly decreasing our domestic demand because of poverty and because most of our imports are stopped.