China’s Economic Data Impacted the Crude Tanker Industry
China releases June data
China released key economic data for June 2017—export and import data, auto sales data, and the manufacturing index. The information is important for assessing the crude oil tanker industry’s outlook.
In May, China’s crude oil imports rebounded to the second-highest level on record. Crude imports were 15% higher year-over-year. Its manufacturing index remained constant at 51.2 from the previous month. In May, China’s auto sales fell for the second consecutive month.
Crude tanker stocks are having a good ride in July. The following are crude tanker stocks’ month-to-date returns as of July 14, 2017:
- Teekay Tankers (TNK) fell 8.5%.
- Nordic American Tankers (NAT) rose 0.16%.
- Tsakos Energy Navigation (TNP) rose 6.5%.
- DHT Holdings (DHT) rose 5.1%.
- Euronav (EURN) rose 1.3%.
- Navios Maritime Midstream Partners (NAP) rose 7.5%.
- Gener8 Maritime (GNRT) rose 0.7%.
China 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 (DBO) tanker industry.
In the next part of the series, we’ll take a look at China’s import and export data—especially its crude imports in June. China is one of the highest crude oil importers in the world. It imports oil through crude tankers, which makes China’s crude imports vital to the crude tanker industry. We’ll also gauge China’s oil demand through its manufacturing and auto sales.