An EU ban on seaborne imports of Russian crude went into effect on December 5th, 2022, in hopes that this market-altering event would hike the crude tanker rates. Not only has there been no sign of rate hikes almost 30 days later, but tanker rates have gone down double digits since the Russian restrictions went into effect. Analysts have pointed to seasonal factors for this decline, as opposed to Russia-related issues. According to Clarksons Securities analyst Frode Mørkedal, “the crude tanker market appeared to have taken a holiday hiatus, since the activity was minimal and lackluster.” An article published by Freight Waves reports on tanker activity, and its relation to tanker stocks.
To read the article, click here.
