The second half of 2022 was a great year for the product tanker owners and Q4 was particularly good for crude tanker owners.
The major item in play last year i.e. Ukraine-Russia war, is still going on. European stance against the Russians is now in full effect - this time last year, the price caps were not in play.
- European Gasoil demand has slumped this year
- The tanker companies see/view a much larger landscape than Europe (see the rates at the back end of the report. Especially Brazil)
Separate but related. There have murmurs of US, in particular, trying to enforce the price caps. That’s misleading. The marine insurance side is mostly European controlled, so Europe does have a say. A very big say