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.