Supertanker freight rates jumped after the U.S. expanded sanctions on Russian oil trade and sent traders rushing to book ships to pick up supply from other countries to go to China and India, shipbrokers and traders said. Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers designed to curb the world No. 2 oil exporter’s revenue. Many of the newly targeted vessels, part of a “shadow fleet”, have been used to ship oil to India and China, which snapped up cheap Russian supply that was banned in Europe following Moscow’s invasion of Ukraine.Read More
Oil shipping rates surge after US sanctions tighten global fleet
