The cost of moving gasoline and other fuels on ocean-going tankers is soaring days after sanctions targeting Russia’s petroleum sales.
Daily earnings for relatively tiny tankers delivering refined fuels in the Atlantic ocean have surged about 280% this week, reaching $41,968, according to the latest data from the Baltic Exchange in London. They surged by 58% on Feb. 9 alone, the largest one-day gain since late 2021.
The surge has been spurred in part by a bifurcation of the fleet with some tankers serving Moscow’s interests and others the international market. It highlights a possible flipside of aggressive measures aimed at limiting Russia’s petroleum revenues.
