China’s refiners will buy 28% less West African crude oil this month from a year earlier, the lowest of data starting in August 2011 based on loading plans and a Bloomberg News survey of eight traders, Bloomberg reported. The slump in China’s oil imports curbed demand for tankers on the world’s second-longest trade route, contributing to the worst rates in more than a decade for Frontline (FRO.NYSE) and other owners. Shares of Frontline, one of the world’s largest shipping companies, will drop 35% in 12 months according to the average of 13 analyst estimates compiled by Bloomberg. Tanker owners are in their fifth year of declining rates as fleet growth outpaces demand.
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