Oil tankers facing multiple challenges

Dalian: China’s oil tankers are facing the same difficult situation like bulkers and container ships although the oil demand keeps increasing, said Kong Fanhua, deputy director of the shipping department of Cosco Dalian, speaking at this week’s Shiptec China event.

Due to the increasing import volume of crude oil via pipeline and the fleet capacity of product oil tankers growing so fast, the oil tanker market in China faces great challenges. Emerging new energies such as shale gas and shale oil also affect the oil demand and transportation. China’s tanker owners should focus more on long-distance oil transport, said Kong.

Cosco Dalian currently owns and operates more than 40 vessels including tankers and LPG carriers, with a total deadweight of more than 8m dwt.  [24/10/14]

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