UK broker Gibson has filed a report on the changing nature of Chinese tanker trades with a greater willingness for Chinese tanker owners to trade more internationally.

Currently the number of VLCCs on order from Chinese controlled companies stands at around 30, with delivery spread between now and 2017 at around 10 units per annum.

“There seems to be a gradual relaxation of state control in some areas,” Gibson noted helping explain a recent swathe of VLCCs being fixed out in the international market.

“It appears that there is a desire to expand their trading partners rather than relying exclusively on Chinese charterers. This is also reflected in the refining sectors with licences being granted to independent refiners allowing for the import of crude oil, with ChemChina being granted a licence to import 200,000 b/d,” Gibson added.

The broker also touched upon press speculation that that a merger may be on the cards between CNOOC and Sinochem, and CNPC and Sinopec.

Concluding, Gibson stated: “An expanding strategic petroleum reserve, more crude heading into commercial inventories and rising refining capacity will significantly lift crude imports, at least in the near term.”