The ramp-up of the Dangote Petroleum Refinery has triggered a sharp decline in clean petroleum product imports into West Africa, cutting tanker flows and reshaping regional shipping routes, according to a report by S&P Global.
Data from S&P Global Commodities at Sea showed that West African imports of clean refined products dropped to 765,000 barrels per day in May from 997,000 barrels per day in April, representing a 23 per cent decline.
Shipping association BIMCO was quoted as saying that West African imports of clean refined products fell significantly within a month as the 650,000-barrel-per-day refinery in Nigeria expanded output and displaced imported volumes across the region.
Analysts at BIMCO reported that imports dropped by 44 per cent over the period under review, while overall tonne-miles declined sharply as trading patterns adjusted to the new supply reality.
“LR1 and LR2 product tankers recorded the largest declines, down 88 per cent
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