Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 57

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 4
Chunk 57
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 margins have led to the closure of refineries in developed regions such as Europe, Australia, Japan, and the U. S. This has resulted in long-haul imports to meet product demand on routes like the west coast of India to Europe and the U. S. eastern seaboard. Refinery shutdowns near consuming regions globally are also driving the demand for product imports. For instance, in Australia, trade from Singapore has become increasingly important to offset the conversion of local refineries into storage depots. This trend is part of a broader increase in intra-Asian trade, which is boosting the demand for product tankers.

Between 2010 and 2019, refinery throughput increased by 6.5% in the OECD Americas and 1.5% in OECD Asia Oceania, reaching 19.1 mbpd and 6.8 mbpd respectively. In contrast, OECD Europe declined by 0.5% to 12.2 mbpd. Overall, OECD's refining throughput was 38.1 mbpd in 2019, accounting for 46.6% of global refinery throughput.

In 2020, OECD refinery throughput declined by 13.4% to 33.1 mbpd, making up 44.5% of the global total, due to the pandemic's impact on demand. Refinery runs began to recover in 2021 with improved oil demand, but high prices led to inventory drawdowns, limiting gains. Global refinery throughput continued to rise in 2022 and 2023, driven by new Chinese refineries and strong domestic demand. However, growth slowed in 2024 as refinery expansion in China and Latin America decreased.

Table of Contents

Refinery Throughput(1)2014-2024

(‘000 Barrels Per Day)

    2014        2015        2016        2017        2018        2019        2020        2021  
 ──────────────────────────────────────────────────────────────────────────────────────────────
  18,934      18,850      18,960      19,290      19,400      19,100      16,500      17,800  
  11,232      11,900      11,920      12,300      12,100      12,200      10,700      11,000  
   6,652       6,700       6,