The rapid growth of mega refineries is prompting a new class of oil products supertankers, mirroring an earlier revolution in crude oil shipping, as traders look for scale that was previously not economically viable. In the early 1970s, ships capable of carrying 2 million barrels of crude oil were built to mitigate disruptions from the closure of the Suez Canal and to meet growing global demand. Now, the products trade is spurring similar innovation. As the Middle East and U.S. Gulf Coast transform into refining hubs, traders require ever-larger tankers to move oil products such as gasoline, diesel and aviation fuel to Europe, Asia and Latin America. Vessels previously used for crude are starting to carry products instead and new vessels are being purpose-built to carry larger quantities of oil products more efficiently. Trading powerhouses such as Vitol, Total and Shell have already booked vessels that […]