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.
Two comments
- 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)
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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
HohumYNWA