Tanker shipping rates soar over 50%, driven by Asian demand and sanctions on Russian energy.

Tanker shipping rates, especially for VLCCs, have surged by over 50% due to strong demand from Asia and a decrease in available vessels. This trend is expected to continue into 2025, despite new ship deliveries and increased tanker versatility. Sanctions on Russian energy and tankers are also driving a shift in oil trade, benefiting non-sanctioned fleets. The ceasefire in Palestine and the impact on the Suez Canal could further complicate market dynamics.