SIMIC

THE cost of moving petrol and other fuels on ocean-going tankers is increasing days after sanctions targeting Russia's petroleum sales, reports Bloomberg News.
Daily earnings for tiny tankers delivering refined fuels in the Atlantic ocean have surged 400 per cent, reaching US$55,857.
They surged by 58 per cent on one day alone, the largest one-day gain since late 2021. The surge has been spurred due to a bifurcation of the fleet with some tankers serving Russia and others the international market.
"Russian volumes continue to flow at more or less the same rate and that takes up a lot of ships," said Arctic Securities analyst Lars Bastian Ostereng.
"Ultimately the spike shows demand is pretty good, and the fundamentals are strong."
Six hundred vessels have joined a "shadow fleet" of ships helping Russia to keep its petroleum flowing.
In return, it's leaving fewer vessels serving other oil exporters and is boosting the cost of freight.