China and India will account for about 35 per cent of the global oil trade in the next ten to fifteen years, despite China's commitment to increasing the use of clean power and renewable energy, said Newport Shipping Group.
With imports of crude oil to the US in decline as the country develops its shale oil and gas reserves, China and India will become "very important" to the crude oil markets, said Newport Shipping Group Chairman and CEO Harald Lone.
"There is no doubt that shale oil and gas is changing the oil industry and it will have a major impact on trade flows," he said.
Mr Lone also commented on the impact of sulphur emissions legislation on the tanker segment, noting that very few shipowners were confronting the implementation of the emissions control area (ECA) rules in January.
"Maybe, as an industry, we have been hiding our heads in the sand for the past year hoping the issue will go away, but it hasn't."
While agreeing that the move to reduce emissions by shifting freight from the highway to the seaway was a positive step forward, he also outlined his concern that the introduction of this and other legislation could ultimately make shipping less competitive.