Supertanker Rates Double After U.S. Sanctions on Russian Oil Trade

Supertanker rates surged in the aftermath of the U.S. sanctions on Russian oil trade and shadow fleet tankers, with rates for the vessels capable of shipping 2 million barrels of crude doubling in one week. The rates for supertankers, or very large crude carriers (VLCC), soared by 112% to $57,589 per day on the Middle East-to-China route, per data from the Baltic Exchange compiled by Bloomberg.

After the U.S. imposed the most aggressive sanctions yet on Russian oil exports, the daily rates for a supertanker on the U.S. Gulf Coast to China route…