Oil shipping rates surge after US sanctions tighten global fleet

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The Star 21h ago

Oil shipping rates surge after US sanctions tighten global fleet - The Star

Quick Summary:

SINGAPORE: Supertanker freight rates jumped after the U.S.expanded sanctions on Russian oil trade and sent traders rushing to book ships to pick up supply from other countries to go to China and India, shipbrokers and traders said.

Analysts said tanker availability could tighten further as traders look for unsanctioned vessels to ship Russian and Iranian crude.

"We expect new ships will be pulled into the shadow fleet over the coming months, many of which will be new to this trade, tightening supply in the non-sanctioned freight market," Kpler analysts said in a note.