Saudi Fuel Exports Throw Lifeline to Tankers as Refining Surges
This article is for subscribers only.
With Arab Gulf diesel exports poised to exceed imports for the first time, owners of fuel tankers are ordering more ships.
Overseas sales of refined products from the Gulf may rise 45 percent over the next decade, outpacing a 13 percent increase in crude exports. The region will become a net exporter of diesel next year, according to JBC Energy GmbH. Scorpio Tankers Inc. is adding 15 fuel tankers to its fleet while D’Amico International Shipping SA ordered two more to meet demand it expects from longer shipping routes to service the surge.