According to a regular count compiled by Bloomberg, some 124 vessels are signalling China, the world’s biggest oil supertanker importer, as their next destination over the forthcoming three months. That’s the highest level since late April 2023.

China’s oil processing increased to the highest in five months in March due to robust demand following the Lunar New Year holiday. As refiners rebuilt fuel stockpiles before seasonal maintenance, official data released earlier this week showed. The Asian nation is also anticipated to issue an oil product export quota sometime in April, consultancy OilChem said in a note.

Flows to the US also developed, with 37 supertanker indicating the nation as their next destination. It is the highest since Feb. 2. 

MAP data compiled by Bloomberg show that 578 vessels signalled future destinations in the next 90 days, compared with 569 a week earlier. Click here for a table listing those destinations.