Crude Oil Tanker Industry and China’s Economic Indicators for May
China releases May data
China has released key economic data for May 2017, which include export and import data, auto sales data, and the manufacturing index. The information is crucial for assessing the outlook for the crude oil tanker industry.
In April, China’s crude oil imports were lower than March’s all-time high. Its manufacturing index also fell to a six-month low. Auto sales in April fell 2.2% year-over-year. All these indicators didn’t bode well with the crude oil tanker industry.
- Teekay Tankers (TNK): fell 3.7%
- Nordic American Tankers (NAT): 0.0%
- Tsakos Energy Navigation (TNP): rose 0.94%
- DHT Holdings (DHT): fell 5.5%
- Euronav (EURN): fell 4.6%
- Navios Maritime Midstream Partners (NAP): fell 0.49%
- Gener8 Maritime (GNRT): fell 4.3%
As we know, China (FXI) is one of the most important countries for crude oil tankers. In this series, we’ll look at important Chinese economic data that impact the crude oil tanker industry. China, the worlds’ second-largest oil importer, imports most of its oil through crude oil tankers.
In the next part, we’ll assess China’s import-export data, especially its crude oil imports. China is the world’s largest manufacturer. A country’s oil demand is closely related to its manufacturing activities. We’ll be looking at China’s manufacturing indicators for May. Since a country’s oil demand is also closely related to its auto industry, we’ll also take a look at its auto sales in May.