By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
OOLP Maritime World NewsOOLP Maritime World News
  • Home
  • Maritime News
    • Top stories
    • Global Maritime
    • International Shipping
    • Cruise
    • Ports
    • Security & Piracy
  • Live Marine Traffic
  • Events
  • Company
    • About OOLP
    • Contact us
  • Blog
Reading: China’s refinery output up 3.3% y/y as exports grow 74%
Share
Notification Show More
Aa
OOLP Maritime World NewsOOLP Maritime World News
Aa
Search
  • Home
  • Maritime News
    • Top stories
    • Global Maritime
    • International Shipping
    • Cruise
    • Ports
    • Security & Piracy
  • Live Marine Traffic
  • Events
  • Company
    • About OOLP
    • Contact us
  • Blog
Follow US
© 2022 - All Rights Reserved. OOLP News.
OOLP Maritime World News > Top stories > China’s refinery output up 3.3% y/y as exports grow 74%
Top stories

China’s refinery output up 3.3% y/y as exports grow 74%

Last updated: 2023/03/22 at 8:55 PM
131 Views
Share
3 Min Read
SHARE



“Reaching 116.1 million tonnes, Chinese refineries’ output hit a new high for the first two months of the year. Increases in exports and domestic transportation demand, following higher export quotas and the lifting of COVID restrictions, are driving growth,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.

Compared to 2022, total refinery output during January and February grew by 3.1 million tonnes. Kerosene and diesel oil output led growth and grew by respectively 26% y/y and 15% y/y. Compared to December 2022, average monthly output was down 3%.

Since COVID restrictions were rolled back in December 2022, transportation activity in China has rebounded quickly. According to Fitch Ratings, urban traffic has recovered to pre-pandemic levels after the Chinese New Year holiday and the International Energy Agency (IEA) believes domestic flight activity has also exceeded pre-pandemic levels. Despite recovering quickly, international flights, however, remain below normal.

- Promotional Ads -

“Despite the increase in domestic demand, exports of refined products grew faster than overall refinery output. Refineries have taken advantage of the larger export quotas that have been available since October, and total January and February exports grew 74% y/y,” says Rasmussen.

During the first ten months of 2022, the Chinese commerce ministry kept export quotas low as they focused on securing domestic supply and containing prices. Exports therefore averaged only 4.0 million tonnes per month and fell 25% y/y. Since then, exports have averaged 6.6 million tonnes and equalled 11% of refinery output, up from 7% during the first nine months of 2022.

Shipping has naturally benefitted and according to data from Signal Ocean, Chinese exports contributed on average 80% more tonne miles to the clean tanker trade from November 2022 through February 2023 than during the first nine months of 2022.

“China will be key to the tanker shipping markets during the rest of 2023. In fact, the IEA expects that China will drive world oil demand to record levels during the 2nd half of the year,” says Rasmussen.
Source: BIMCO, By Niels Rasmussen, Chief Shipping Analyst



You Might Also Like

Cancel culture or engage-to-change on climate

MR Panama Canal Congestion: The congestion in the Panama Canal remained significant for MR, which had a positive impact on USG rates

US Consolidates Its Leading Position as World’s Largest LNG Exporter

How coatings can provide predictable support as shipping looks to solve its future fuels conundrum

Global newbuilding orders ebb and flow

admin March 22, 2023
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Copy Link Print
Previous Article Egypt’s Suez Canal signs agreement to establish solid, liquid waste management company
Next Article WFW: The Sustainability Imperative | Hellenic Shipping News Worldwide
- Promotional Ads -

Latest News

Asia Fuel Oil-HSFO markets soften, VLSFO steady
Shipping news December 2, 2023
Carnival Cruise Line Rolling Out Changes to Debarkation and to WiFi Pricing
Cruise December 2, 2023
Angad Banga becomes chair of the Asian Shipowners’ Association
Global Maritime News December 2, 2023
US imposes fresh sanctions over shipment of Russian oil above price cap
Shipping news December 2, 2023

OOLP maritime news is a portal that gets latest updates and happenings from the maritime & cruise industry across the globe.

Top maritime stories

Global maritime news

International shipping news

Cruise news

Maritime ports

Security and piracy

About OOLP news

Contact us

Live maritime traffic

Events

Blog

Follow US
© 2023 - All Rights Reserved. OOLP News.
  • Cookie Policy
  • Terms & Conditions
  • Disclaimer
  • Privacy Policy
Welcome Back!

Sign in to your account

Lost your password?