Global tonne-miles dip as MEG choke forces Asian refiners to slash crude imports
- Average post-war tonne-miles have fallen below the pre-war average, showing Atlantic and Red Sea barrels are unable to make up for lost Middle East Gulf exports
- Japanese imports fell the sharpest with stock draws used to plug supply gaps, while South Korea pivots to crude oil from the Gulf of Mexico and the Red Sea
- India and China see rise in arrivals from Russia and the Red Sea as overall imports fall
Tanker trade flows are shifting as the broader picture shows a dip in tonne-miles from the pre-war average as key importing countries of MEG crude slash imports. But elevated freight rates have cushioned the blow for the broader tanker market for now
