Record Oil Demand Buffers One Corner of Shipping

16 Sep 2016   India

Indian carriers are benefiting from surging oil imports Most of the South Asian nation’s fleet comprises tankers As the shipping industry grapples with a prolonged slump in demand, carriers in India are grateful for the bright spot of record domestic fuel consumption. The nation of 1.3 billion people is expanding at the fastest pace among major economies and is set to import an unprecedented amount of crude oil to fuel growth. That’s helping the tanker-heavy fleets of Shipping Corp. of India Ltd., Great Eastern Shipping Co. and Mercator Ltd., India’s three largest carriers. “Because our energy consumption is so high — with the population and the sheer size of the country — demand will continue to rise,” B. B. Sinha, a director and former chairman of Shipping Corp. of India, said in an interview in Mumbai. Oil and liquefied natural gas offer good opportunities, he added. While a trade […]

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