As the EU ban on Russian oil and fuels looms, demand for tankers - particularly ice tankers - has been climbing.
Demand for tankers has been on the rise since the European Union slapped sanctions on Russia in the spring, and this trend is only going to intensify in the coming months as the EU embargo on Russian oil and fuels enters into effect.this week that shipping companies were scrambling to get their hands on as many ice-class tankers as they could ahead of the embargo, which comes into effect in early December for crude oil and two months later for fuels.
Since the February 24 invasion, demand for tankers has spiked and is likely to remain robust in the observable future, not least because supply is quite limited, Svelland Capital’s Tor SvellandFew tankers have been built in the past few years, and since this is not something the industry can reverse overnight, supply will probably remain tight, pushing the cost of transporting oil and fuels higher.that the global tanker market was seeing the strongest demand in more than two decades.
On top of this expected tightness of the tanker market, which will have a palpable effect on fuel prices, the global fuel market is also tight and likely to remain so in the coming years.