Product tanker owner Torm has upgraded its forecast for an increase in tonne-miles linked to the upheaval in oil markets following Russia’s invasion of Ukraine.
The Danish company has upped its tonne-mile calculations from 7% to 10% by the end of 2023 because of changes in trading patterns and shifts in global refinery capacity.
Chief executive Jacob Meldgaard said that the company had seen about 6% of the increase so far with the remainder reliant on an increase in demand for refined oils from Europe.
