Refining Renaissance

23 Jun 2017:  Refining margins are strong and utilization rates are high in most of the major refining regions around the globe, supported by low oil prices and healthy product demand.  This has not translated into better fortunes for the product tanker market, which has been underwhelming so far this year, especially for the larger LR1 and LR2 product carriers.  Over the next five years, the refining industry is expected to add significant capacity worldwide, mostly concentrated in Asia and the Middle East.  How will that impact product trade flows and the prospects for product tankers?

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