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More oil cargoes head for China as oil prices plunge

London

ADD oil shippers to the list of winners from this year's collapse in crude.

The price plunge has spurred China, the world's second-biggest importer after the US, to accelerate bookings of oil cargoes. It will also shave almost US$20 billion a year in fuel costs across the maritime industry if prices that dropped 18 per cent since last November hold around current levels, according to data compiled by Bloomberg.

While the oil slide is hurting nations from Saudi Arabia to Iran that depend on energy for revenues, companies including airlines and cement makers are benefiting as their fuel costs decline. Ship owners serving the industry's benchmark Middle East-to-Asia trade routes are reaping...

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