Russian-owned vessels account for 2.4pc of global tanker tonnage
Tanker market feels impact of Ukraine crisis
The tanker freight market is having to deal with sanctions, uncertainties and shifting trade flows in the aftermath of Russia’s invasion
Crude tanker rates have eased from the spike seen after Russia launched its invasion of Ukraine, as market fundamentals did not justify such high levels, says freight analyst Ioannis Papadimitriou at energy analytics firm Vortexa. But beyond that initial nervousness, the restrictions on trading with Russia—whether because of official sanctions, voluntary boycott decisions, or speculative responses due to concern over possible future restrictions—have shifted fundamentals in the freight sector. Furthermore, the impact of the crisis on the bunker market has increased voyage costs, although owners are not always able to translate that extra expense into higher freight rates. The “initial direct
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