During the second week of July, crude tanker freight rates have been consistently falling, and these challenges have been exacerbated by the summer season’s impact on the market, as published in The Signal Group.
Decline in US Crude Oil Shipments
Chinese oil demand from the United States has significantly decreased compared to last year, with May and June showing the lowest monthly volumes of U.S. crude oil shipments to China via VLCC tankers since early last year. The decline in VLCC shipments from the US Gulf region has led to a decrease in dirty VLCC USG tonne-miles destined for China, after reaching its peak just before the end of May.
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Source: The Signal Group
