Oil tanker rates skyrocket on Black Sea supply fears - Jefferies

Eneti

28/02/2022 15:34

** Rates for oil tankers have soared as charterers scramble
for tonnage, fearing that European and U.S. sanctions against
Russian energy exports will disrupt supplies and availability of
ships, says Jefferies in a weekly shipping analysis
    ** Average spot rates for Suezmax tankers have soared
ten-fold to $43,442, it calculates, while VLCC rates are up more
than 410% to $10,833 and Aframax rates nearly 330% at $52,958,
it says
    ** Traders are now looking outside the Black Sea region for
alternative sources of crude oil, says brokerage
    ** Jefferies expects container freight and container ship
charter rates to come off their highs slower than some fear, and
predicts 2022 could match 2021 records
    ** Rates should remain volatile in H1 but rise in the
second, says brokerage, as global demand, crude production and
use of refineries steadily increase in coming months
    ** Jefferies' shipping index is up 18% since the start of
2022 and 51% from a year ago, boosted by Nordic American Tankers
 NAT.N , Golar LNG  GLNG.O  and Teekay Tankers  TNK.N 
    ** Kirby Corp  KEX.N , Danaos Corp  DVW1.F  and Eneti
 NETI.N  meanwhile underperformed their index, it adds

 (Reporting by Sarah Morland)
 ((sarah.morland@tr.com
mailto:sarah.morland@thomsonreuters.com))