65% of China’s Onshore Storage Propels Port Congestion and Spot Rates

Port congestion is on the rise and even though floating storage is off its peak, there’s a long, long way to go before all those cargoes are unloaded.
On the tanker-supply side of the equation, surging congestion in China is offsetting declines in floating storage.
The more the global tanker fleet suffers supply chain logjams and storage cargoes remain on board, the less ships are available for spot deals. That’s a plus for spot rates.
The caveat is that demand for fresh voyages will fall as “s...