Cautious Refiners May Deal Major Blow To Oil Tanker Market

U.S. gasoline demand has rebounded to nearly pre-pandemic levels, but after a horrendous 2020, American refiners are looking to cut costs wherever and whenever possible in light of the still-sluggish fuel demand recovery in some key export markets for U.S. refined petroleum products. U.S. refiners have shunned hiring tankers for long periods under the so-called time charter contracts to minimize expenses at a time when the demand picture outside the United States is still a risky unknown. “The last thing you need is to get stuck with several…