TOPS - Russia-Ukraine war shock lifts global oil tanker rates

Oil tanker rates surge around the world amid jitters over possible disruption in Russian supplies, war risk premiums for ships sailing the Mediterranean region, and higher fuel costs after oil prices soared above $100/bbl, Reuters reports. Shipowners are concerned that any wider sanctions could render some Russian oil and fuel supplies off limits, and trigger a scramble to secure alternative supplies that could tie up vessels on trips to exporters outside the Black Sea region. According to Reuters, fuel tanker rates from the U.S. to Europe jumped more than 8% on Thursday, surging to their highest since May 2020, and the cost of bunkering fuel at the Singapore hub jumped 6% to $555/metric ton, the highest since 2019. Rates for Very Large Crude Carriers from the Middle East to China rose 4.77 WS to 38.82 WS on Friday, and clean tanker rates on the Arab Gulf-Japan route climbed to 77.5

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Russia-Ukraine war shock lifts global oil tanker rates