Suezmax Swing Supply May Ruin the Product Tanker 2020 Bonanza

Shipping analysts seem to collectively agree that the product tanker fleet will benefit from the IMO 2020 global sulphur cap.
The majority of low sulphur fuel supplies are situated in the Middle East and southeast Asia, whereas the requirement is in Europe and the Americas.
The main flaw in this theory is that refineries alter the ‘slate’ or the mix of the output in response to market conditions.
Also, there are 87 VLCCs and Suezmax tankers due for delivery by the end of 2019.
Only time...