Oil Product Tankers Outperform Crude Tankers

As U.S. diesel prices soar, U.S. exports continue to rise significantly on skyrocketing demand, refined oil product tankers are now outperforming crude tankers, which continue to operate below their break even point, according to FreightWaves.  While crude oil tankers are benefiting in regions affected by Russia’s war on Ukraine, such as the Black Sea, the Baltic Sea and the Mediterranean, overall, “the crude markets have been balancing new longer trade routes with the inability of OPEC to meet quotes, Russia offline and China…