Global container freight rates extended their upward trajectory in the week to 27 May 2026, climbing to levels last seen in late January as elevated fuel cost baselines and the early onset of peak season demand buoyed major trade lanes.
A period of aggressive build-up of strategic oil reserves has given China a layer that is meaningfully insulated from Gulf feedstock dependency, and the surplus capacity that had long weighed on domestic margins has become a strategic asset almost overnight.
Subject to the fulfilment of customary closing conditions, PRefChem will fall entirely under the PETRONAS Group umbrella — a structural shift that draws the curtain on one of Southeast Asia's most consequential downstream joint ventures.