Steady energy demand in the world's second-largest oil-consuming country has been a saving grace for the oil-tanker market, with much of the credit going to one Chinese oil trader: China International United Petroleum & Chemicals Co., better known as Unipec.
Steady energy demand in the world's second-largest oil-consuming country
has been a saving grace for the oil-tanker market, with much of the credit
going to one Chinese oil trader: China International United Petroleum &
Chemicals Co., better known as Unipec.
Unipec was the No. 1 charterer of oil tankers for the second year in a row in
2013, beating global oil giant Royal Dutch Shell PLC in both years, according
to consulting firm Poten & Partners. Unipec accounted for 791 fixtures--or
agreements to hire tankers for specific routes--last year and also accounted
for the largest volume of cargo transported, at 171 million metric tons, or 11%
of the total, the data show.
Shell trailed with 752 fixtures and less than half of Unipec's volume, at 83
million tons.
A decade ago, Unipec didn't even figure among the top-20 charterers of oil
tankers. Since then, trade flows have dramatically changed and the
tanker-chartering business has seen some ups and downs, with the 2008 financial
crisis having dealt the most serious blow, part of a broader decline in
shipping as demand growth for commodities slowed.
Although
China
's
economic growth has diminished since the early post-financial-crisis period,
when massive government stimulus made the country the last great hope of
exporting nations, its gross domestic product growth has maintained a level
above 7.5% that is enviable in most developed countries. It imported 255
million barrels of oil in the first 11 months of 2013, or 5.6 million barrels a
day, up 3.2% on year. Its steady demand combined with the
U.S.
's
declining need for imports thanks to its energy boom have skewed the global
flow of both oil and products.
China's move up the rankings--PetroChina Co. is also increasing its presence
among tanker charterers, joining the top-10 group last year--reflects its
growing control over elements of its oil supply chain and underscores the
rising influence of national oil companies at the expense of private oil majors
as the center of global oil demand growth shifts toward developing Asia.
In the segment for very large crude carriers, or VLCCs, which sail long
distances from the
Middle East
to
China
,
Unipec --a unit of China Petroleum & Chemical Corp., or Sinopec--accounted
for 556 fixtures, more than the next four charterers combined.
That contributed to a 5.5% on-year increase in overall chartered volume last
year, according to Poten & Partners. "Chinese chartering activity was
the driving force behind the total increase in volumes this year as many
charterers...reported declines of 20% or greater when compared to 2012,"
the firm said.
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