More than two-thirds of the MR/Handy vessels in oil trades are certified as IMO2/3. In theory, the certification allows them to carry chemicals and vegetable oils in addition to petroleum products. However, only a handful of the non-oil trades – liquid fertiliser, ethanol, caustic soda and vegetable oils – have successfully been tapped by these vessels. With a few exceptions, regulatory and trade developments limit trade growth.
The way things are heading it looks likely that by August this year the US will have pushed China into extending tariffs to its US crude oil imports. How might this affect tanker tonne miles?