US sends supertankers to Europe
Smaller ships are becoming more expensive as more ships are ordered to carry Russian oil to Asia.
In March, Europe plans to import a record amount of American oil by large tankers. Ships carrying up to 1.84 million barrels a day are due to arrive from the Persian Gulf as early as this month. It is reported by Bloomberg.
It is noted that smaller ships are becoming more expensive as more ships are ordered to transport Russian oil to Asia.
The trade boom is another by-product of Russia’s war with Ukraine and the sanctions the West has imposed on Russia in response. This will make the fleet less efficient, thus reducing the total number of tankers that carry about 40% of the world’s oil.
“A total of 11 supertankers, known in the trade as Very Large Crude Carriers or VLCCs, and 16 Suezmax-class vessels are due to arrive in Europe from the US Gulf this month. These large vessels now carry about 60% of the crude oil on the route, compared to 37 % a year earlier. Supertankers can carry about two million barrels of oil, while Suezmax can carry about a million.
Recall that world oil prices continue to decline and have already consolidated below $ 76 per barrel – the lowest level since December 2022.
As reported, Russia reduced oil exports in February.
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