Suezmax and aframax business has declined sharply in Australasia as refinery capacity shrinks.
US shipbroker Poten & Partners has calculated a more than 50% reduction in crude imports to the region since the Covid-19 pandemic.
“The impact of refinery closures in Australia and New Zealand is a case study of how quickly circumstances can change in the oil markets,” research and consulting manager Erik Broekhuizen said.
