Demand for fuel tankers is spiking due to a reshuffle in global trade routes and the geography of new refining capacity.
- Mar 31, 2023, 3:53 AM CDT
The rising demand is a result of a global trade reshuffle that has seen Russia redirect fuel to Asia and Europe buying more fuel from elsewhere. So far into 2023, a total of 38 mid-range fuel tankers have been ordered, the highest number since 2013, per data from shipbroker Braemar cited byThe new global trade order after the EU and G7 embargoes and price caps on Russian oil products, as well as the rise in Asian and Middle Eastern refining capacity while facilities closed in the U.S. and Europe, have created a wider geographical dislocation between new refining capacity and major consuming centers.
Using ship-to-ship loadings, Russia is shortening the routes for tankers headed to Africa and Asia as Moscow is now banned from exporting fuels to the EU.
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