Hafnia, one of the largest owners and operators of oil tankers, predicts a 4% growth in oil product ton-miles for 2024 as a result of Red Sea disruptions. Diversions from the Suez Canal to the longer Cape route for Europe-Asia shipments mean the same amount of cargo faces longer journeys. More ‘ton-miles’ spells profits for shipping firms like Hafnia (MEES, 1 March 2024).

In its 27 March annual report Hafnia also flags up an expectation of firm 2024 demand for oil tankers on the back of recent refinery start-ups, not least in the Middle East where both Kuwait and Oman have recently added a combined 850,000 b/d of capacity (MEES, 8 March). (CONTINUED - 105 WORDS)