Russian-owned vessels account for 2.4pc of global tanker tonnage
Tanker market feels impact of Ukraine crisis
The tanker freight market is having to deal with sanctions, uncertainties and shifting trade flows in the aftermath of Russia’s invasion
Crude tanker rates have eased from the spike seen after Russia launched its invasion of Ukraine, as market fundamentals did not justify such high levels, says freight analyst Ioannis Papadimitriou at energy analytics firm Vortexa. But beyond that initial nervousness, the restrictions on trading with Russia—whether because of official sanctions, voluntary boycott decisions, or speculative responses due to concern over possible future restrictions—have shifted fundamentals in the freight sector. Furthermore, the impact of the crisis on the bunker market has increased voyage costs, although owners are not always able to translate that extra expense into higher freight rates. The “initial direct
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
