European petroleum tanker rates rise due to geopolitical instability and marine fuel costs

European petroleum tanker rates rise due to geopolitical instability and marine fuel costs

Petroleum tanker rates for routes originating in Europe rose to record highs in April 2022 because of geopolitical instability related to Russia’s full-scale invasion of Ukraine and rising marine fuel prices, also known as bunker fuel. Dirty tanker rates for Aframax-sized vessels originating in the Black Sea in southeast Europe increased to $32.10 per metric […]

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Decarbonisation a “secondary issue” for Shipping

Decarbonisation a “secondary issue” for Shipping

Long asset lifespans, high energy dependency and limited viable alternatives make shipping one of the harder-to-abate sectors to decarbonise, according to Fitch Ratings.   In a special report on long-term climate vulnerability, Fitch said that low margins mean there is a reluctance in shipping to heavily invest, especially into unproven technology. In a business-as-usual scenario, […]

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Tanker Market at Stalemate During February

Tanker Market at Stalemate During February

The dirty tanker market remained at muted levels for much of February, although volatility accelerated at the end of the month as geopolitical developments intervened, OPEC said in its latest monthly report. Rates remained elevated into March, although coming down somewhat after the first few days. In monthly terms, average rates for February primarily reflect […]

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Tanker Premiums To Remain for the Time Being

Tanker Premiums To Remain for the Time Being

The surge in rates for Aframax and Suezmax tankers, as a result of the crisis in Ukraine could be the prevailing trend in the market for the near or even mid-term future, given the prevailing geo-political circumstances. In its latest weekly report, shipbroker Allied Shipbroking said that “the recent surge in commodity prices has sparked […]

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