3. Seaborne trade by cargo type
(a) Tanker trade
Tanker trade is greatly determined by global energy
production and aggregate demand, the world economy,
demographics, urbanization, industrialization and,
more importantly, by the “geography” of global energy
surpluses and deficits. To put in perspective some
of the key developments affecting tanker trade, it
is important to highlight at the outset the profound
structural transformation that is currently underway.