Gibsons says China will top crude import table for decades

UK shipbroker Gibsons expects China to remain vital to tanker trades in the long term, despite the government looking to limit carbon emissions.

For the past two decades, shipowners have benefited from strong, near-continuous growth in Chinese crude oil imports, the company said.

And Gibsons believes refining capacity will still rise in the medium term, while stock building is also likely to support shipments into the country once the price becomes more attractive to buyers.