Oil Tankers In Europe Fetch $100,000 a Day on Vessel Shortage

Oil tanker rates are surging again, with some medium-sized ships fetching more than $100,000 a day in Europe.

The rally is the latest in a string of increases driven by a market in which vessels are sailing longer distances to deliver supplies since Russia’s invasion of Ukraine, cutting the availability of ships. The threat of Israel’s war with Hamas spilling into the wider region has also added a risk premium to tanker earnings in recent weeks.