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SNP - Korea Refining/Chemical: VLCC Rate Hike To Benefit Korean Refiners
China Petroleum & Chemical Corporation
VLCC rate hike put Korean refiners in an advantageous position vs. Chinese peers
There are concerns that the recent VLCC freight rate hike could burden Korean refiners. In our view, these worries are overblown, because Korean refiners' VLCC contracts are mostly long term. However, for Chinese refiners, it is indeed burdensome. Reuters reported that Sinopec (SNP), China's biggest refiner, decided to reduce its crude imports in December and was considering lowering the utilization of its refining facilities. Chinese refiners use Chinese ships and their contracts are mostly spot contracts. Accordingly, they will be