Darn capitalists! If there is a buck to be made; politics gets tossed under the bus.
Shipping companies have snapped up dozens of secondhand oil tankers this year, paying record prices for ice-class ships that can navigate frozen seas around Russia’s Baltic ports in winter.
A driving force behind the purchases, say people familiar with the deals: To get Russian oil to market after the harshest sanctions to date strike Russia’s energy industry next week.
The frenzy in a quiet corner of the shipping market is splitting the tanker industry in two. One part deals with Western oil companies, banks and insurers. The other, known informally in the industry as the “shadow fleet,” doesn’t, allowing it to trade with Iran, Venezuela, and increasingly with Russia, the world’s biggest exporter of crude and refined fuels.
Just as the use car market cools off the used tanker ship market heats up. I wonder if Carvana can transform itself to Tankana quickly enough to get in on the trend?
