Supertanker Rates Skyrocket Amidst Russian Oil Sanctions
Update: 2025-11-24
Description
Supertanker rates soar as traders seek alternatives to Russian oil, pushing daily costs to a five-year high of $137,000. Sanctions against Russian exporters drive Asian markets to find new sources, causing a 576% increase in VLCC rates since January. Meanwhile, rates for other routes also climb, with a dozen supertankers booked for late November and December deliveries. Tanker rates have been rising for over a month due to sanctions-induced disruptions, leading to a record one point two billion barrels of oil in transit at sea. Floating storage, or oil on ships, has also increased, further reducing available tankers and driving up prices.
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