Russia’s War Rewires Trade, the Cost of Shipping Oil Surges
- Supertanker earnings surge to the brink of $100,000 a day
- An unprecedented reshaping of oil trade routes is underway
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Oil tanker tycoons are enjoying a surge in revenue as the sanctions triggered by Russia’s war are redrawing the global trade in crude. And it’s set to last.
The disruption is fairly simple. Europe, for decades the top buyer of Russian oil, is banning purchases from Moscow next month and has already been cutting back. Those cargoes are instead flowing out to Asia. The result is ships sailing thousands of miles further, driving up a vital aspect of demand.