Russian Oil Tanker Rates Rise 51% in Two Days

The cost of shipping Russian oil to northwest Europe had the biggest two-day jump since April as traders accelerated bookings of tankers to load at the end of this month, curbing the number available for charter, reports Bloomberg.

Rates for Aframaxes shipping 100,000 metric tons to Wilhelmshaven in Germany from Primorsk on the Baltic Sea climbed 51 percent to 113 Worldscale points, reports Bloomberg citing the Baltic Exchange , a London-based publisher of freight prices on more than 50 trade routes. That equals daily earnings of $47,168, almost three times what the ships made on Oct. 15.

Shipments of oil on Aframaxes from the Baltic will rise 5 percent to about 1.7 million barrels a day this year, estimates Clarkson Plc, the world’s largest shipbroker. Bloomberg add that the trade route is the second-biggest for the vessels, each able to hold about 650,000 barrels of oil.

Source: Bloomberg