U.S.-Europe Oil Tankers Hit Blowout Day Rates

Rates for mid-sized oil tankers sailing from the U.S. Gulf of Mexico to Europe hit the $57,000-per-day level this week, a figure representing a 12X increase since January and a two-year high, according to Bloomberg citing Aframax vessel data. The dramatic increase in shipping rates from the U.S. to Europe reflects a shortage of vessels and a diversion of product to different markets due to sanctions and Russia’s war on Ukraine.   On Tuesday, Bloomberg’s initial review of new shipping data showed that overall, fuel tankers…