Middle Eastern and Asian companies are snapping up aging oil tankers to transport Russian crude as charter rates soar
"Ships earning $80,000 a day in the Mediterranean can make $130,000 a day if they carry Russian oil," an unnamed ship broker told Reuters. That's as crude tanker rates have soared this year to their highest level since 2008 — other than a brief spell during the pandemic in 2020 when oil companies used the ships for storage of excess supply as demand slumped, per Reuters' records.
There have also been 161 Aframax sales so far this year — 5% more than the 153 sold in the same period in 2021, according to VesselsValue.The buyer had spent a total of $376 million buying a total of 13 tankers in various sizes for ship-to-ship transfers of Russian crude oil in the Atlantic Ocean, according to the shipping journal. All the ships were at least 15 years old and most of them were purchased between May and July 2022.
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