China’s Biggest Refiner to Reduce Operations After Freight Rates Skyrocket

(Bloomberg) — China’s biggest refiner plans to reduce operations from next month after a surge in the cost of shipping crude eroded margins, according to people with knowledge of the matter.Freight rates have skyrocketed since the U.S. announced sanctions on Chinese shipowners in late-September, triggering a flight from vessels owned by affected companies and a bidding war for alternative tankers. That’s driven up the cost of importing crude and is cutting into the profits made from refining.Sinopec Corp. is looking to start cutting run rates from November, according to the people, who asked not to be identified as information is …read more

Source:: Yahoo Finance

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