Reported about 17 hours ago
Oil shipping rates have soared after the U.S. imposed expanded sanctions on Russian oil, prompting traders to secure alternative supplies for China and India. As Chinese and Indian refiners seek fuel amid these sanctions, freight rates for Very Large Crude Carriers (VLCCs) surged, with some routes experiencing over a 39% increase. The tight market is exacerbated by sanctioned tankers being stranded, leading to predictions of even tighter supply in the non-sanctioned freight market.
Source: YAHOO