– Tanker Rates To Haul Gasoline Soar 400% After Russian Sanctions:
Clean product tanker rates soared last week after the European Union and G-7 nations targeted Russia’s petroleum sales. Restrictions on Russian crude exports began in early December. The sanctions have been a ploy by Western countries to limit Russian crude and crude product exports, though it’s definitely not working.
Sanctions have redirected Russian energy flows from Europe to Asia. The rejiggering of supply chains means Russia has to rely more on tankers. According to Bloomberg, this has led to a 400% surge in the daily rates for clean product tankers.
The latest data from the Baltic Exchange in London shows clean product tankers rates have reached $55,857 per day, surging 58% just last Thursday.
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