The Russia-Ukraine war has split the global tanker business in two. The resulting market is like a high-stakes game of musical chairs in which each player is only allowed to sit in certain seats. If one country snaps up tanker flows, a competing buyer scrambles for the next source — the next chair meeting the geopolitical rules — and so on.
Take the case of diesel. Prices have been on the rise again since July and are now very strong in historical terms. Diesel is in high demand worldwide for trucking and other transportation, and for agricultural and construction equipment.
