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The Russian war is redrawing trade lines and raising the cost of shipping oil

The Russian war is redrawing trade lines and raising the cost of shipping oil
The Russian war is redrawing trade lines and raising the cost of shipping oil

Giant tanker prices soar

Nice estimates that prices for VLCCs will rise to $56,000 a day in 2023, and $60,000 the following year. This is up from an average of $33,000 a day over the past decade.

Russia’s oil shift towards Asia is gaining momentum

But this winter, according to Nokta, prices are likely to reach $100,000 per day, and are likely to rise to between $150,000 and $200,000 per day, with the market expected to remain in a stronger position for a longer period.

On the other hand, the European sanctions will come into full effect on December 6, after which the European bloc will be forced to almost completely stop seaborne imports, which will deepen the chaos in trade routes.

“Shrinking supply, the run-up to the December 5 deadline and seasonal constraints are all signs of the new situation,” said Brian Gallagher, Investor Relations Officer at Euronav NV, one of the world’s largest owners of crude oil tankers. We really think there’s a continuity to all of that.”

The article is in Arabic

Tags: Russian war redrawing trade lines raising cost shipping oil

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