Frontline sees higher rates as oil tankers avoid Red Sea (updated)

Frontline

18/12/2023 14:54

(Adds quote, detail)
       OSLO, Dec 18 (Reuters) - Norway-based oil tanker group
Frontline  FRO.OL  said on Monday its vessels will avoid
passages through the Red Sea and the Gulf of Aden in the time
ahead, due to attacks on vessels in the area, boosting the rates
customers must pay for crude transport.
    "War risk insurance premiums are on the rise naturally, but
as vessels gets re-routed around Africa shipping supply will be
tighter as cargoes travel longer. That would put rates under a
strong upwards pressure," CEO Lars Barstad told Reuters.

 (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70;))