The global clean tanker market is poised for robust growth in 2024, driven by a strong projected demand for jet fuel. The demand for clean tankers is expected to be fueled by multiple factors, including the surge in jet fuel demand, increased deliveries of petrochemical feedstocks to China, and changing dynamics in refining patterns. This positive outlook is outlined in the November 28 Global Oil Demand Monthly Outlook by S&P Global Commodity Insight analysts.Jet Fuel as the Star Performer
Jet fuel is anticipated to maintain its status as the star performer within the oil barrel in 2024, building on the momentum witnessed in 2023. According to analysts, there is a projected growth of 1 million barrels per day (b/d) in jet fuel demand for 2023, closely followed by an annual gasoline growth of 0.8 million b/d. The recovery in jet fuel demand was a significant driver of clean tanker growth in 2023, but analysts foresee that the growth in 2024 will primarily stem from increased demand from the petrochemical industry. Niels Rasmussen, Chief Shipping Analyst at industry body BIMCO, highlights the shift in focus from jet fuel to petrochemicals as a key driver for the anticipated growth in the clean tanker sector.
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Source: S&P Global
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