Huge Growth in Seaborne Jet Trade Expected This Year

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Chief analyst at shipping association BIMCO, Niels Rasmussen, is predicting a sharp rise in the volume of jet fuel carried at sea this year, adding to the upwards momentum in tanker rates. “If global airline traffic returns to 2019 levels by mid-2023 and continues to grow thereafter, global seaborne jet fuel trade could end 2023 just 5%-10% short of the pre-pandemic level. That would mean year-on-year growth versus 2022 of 25%-30% while adding as much as 2% to the overall clean petroleum products’ seaborne cargo volume,” he explained in a Jan. 18 market note. Rasmussen quoted Tradeviews estimates that seaborne jet fuel cargo volumes were 27% lower last year than in 2019.

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