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Russo-Ukrainian War allows oil tankers to reap big profits
来源：shippingazette 编辑：编辑部 发布：2022/11/25 09:14:44
OIL tankers are enjoying a surge in revenue as sanctions triggered by Russo-Ukrainian War are redrawing the global trade in oil, reports Bloomberg.
Cargoes that were transported across the Baltic Sea to reach the North Sea port of Rotterdam now must sail to India and China, twice or three times the distance.
Europe, for decades the top buyer of Russian oil, is banning purchases from December. Those cargoes are instead flowing out to Asia. The result is ships sailing thousands of miles, and stoking demand still further.
"I can¡¯t say that I have seen a trade disruption before on the scale we have now," said Halvor Ellefsen, a supertanker broker at Fearnley Shipbrokers UK, who¡¯s worked in the industry since the 1980s. "This time, I think it¡¯s a paradigm shift whereas previous geopolitical events have tended to be short lived and back to normal more quickly."
A key industry gauge, ton miles, which is the volume of cargo transported multiplied by the distance it sails, is expected to increase by 4.3 per cent this year, according to London's Clarkson Research Services.
Daily earnings for the industry¡¯s largest supertankers reach US$99,628, four times the average of the past four years.
The freight market will remain strong for 2023 and 2024, mainly due to "structural" changes to trade flows, said Frederik Ness, an analyst at SEB, "The most important driver is that the changes to trade flows are sticky."
"The new trading routes developed from the war have been a tremendous uplift to an industry where capacity gains have been de minimis for most of this year, and will continue to be for the next couple years," Jon Chappell, senior managing director at Evercore ISI said.
Cargoes that were transported across the Baltic Sea to reach the North Sea port of Rotterdam now must sail to India and China, twice or three times the distance.
Europe, for decades the top buyer of Russian oil, is banning purchases from December. Those cargoes are instead flowing out to Asia. The result is ships sailing thousands of miles, and stoking demand still further.
"I can¡¯t say that I have seen a trade disruption before on the scale we have now," said Halvor Ellefsen, a supertanker broker at Fearnley Shipbrokers UK, who¡¯s worked in the industry since the 1980s. "This time, I think it¡¯s a paradigm shift whereas previous geopolitical events have tended to be short lived and back to normal more quickly."
A key industry gauge, ton miles, which is the volume of cargo transported multiplied by the distance it sails, is expected to increase by 4.3 per cent this year, according to London's Clarkson Research Services.
Daily earnings for the industry¡¯s largest supertankers reach US$99,628, four times the average of the past four years.
The freight market will remain strong for 2023 and 2024, mainly due to "structural" changes to trade flows, said Frederik Ness, an analyst at SEB, "The most important driver is that the changes to trade flows are sticky."
"The new trading routes developed from the war have been a tremendous uplift to an industry where capacity gains have been de minimis for most of this year, and will continue to be for the next couple years," Jon Chappell, senior managing director at Evercore ISI said.