2029 tanker demand peaks, driven by India and China; road fuel demand declines due to electrification, while ocean shipping freight rates rise.

Tanker demand is projected to peak in 2029, according to the International Energy Agency's Oil 2024 report, with India and China driving most of the growth. However, the bulk of road fuel demand will continue to decline due to electrification. Meanwhile, freight rates in ocean shipping from Asia to North America West Coast rose 59% in June 2024, while rates to the US East Coast increased 48%, reflecting a restocking cycle in Europe's recovering economies.

June 16, 2024
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