“The unwinding period is going to be painful. It’s happening,” warned Michael Fogerty, senior vice president of commercial operations of Diamond S Shipping (NYSE: DSSI), during the quarterly call on Thursday. He was referring to the drawdown of crude stocks in Asia that have built up on land and at sea over the past few months.
The Asian drawdown hits very large crude carriers (VLCCs, tankers that carry 2 million barrels of oil) on two fronts. Not only is less crude flowing to Asia, but less is...
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