Tanker freight is becoming even more expensive due to sanctions

Sanctions against russian oil supplies are likely to further increase tanker freight rates.

The cost of freight transportation reached record high values. Analysts expect prices to remain high both for the tankers themselves and for oil products. This will fuel inflation, which has reached its highest level in several decades, according to Reuters.

“Europe, which previously imported 1 million barrels per day, will have to get oil, for example, from the Middle East. Growing demand is encouraging shipowners from other segments, such as dry bulk cargoes, to invest in tanker assets,” said Maersk Tankers CEO Christian Ingerslev.

Previously, USM wrote that russia  has already lost 90% of European oil exports.