Tanker transportation price will remain the same

The cost of tanker transportation will not change despite the refusal of trade with russia. Prices are consistently high due to the low number of orders for vessels.

After the introduction of sanctions due to the invasion of Ukraine, russia increased exports to Asia, Africa and South America. However, most tanker operators stopped transporting cargo from the Russian Federation.

Tanker rates will remain stable for at least the next 12 months. The redirection of oil trade flows has led to an increase in demand for tankers, especially for the Aframax and Suezmax oil tanker segments, as many European companies are looking for crude oil and petroleum products from more distant markets, writes Hellenic Shipping News with reference to Moody’s rating agency.

Last week, prices for the transportation of crude oil in some segments increased by more than 40%. The increase in rates is mainly due to the lack of large-scale orders for tankers, comments the vice president of the shipping company Navios Maritime Holdings Inc. Ted Petron.