Tanker Rates Are Soaring As Traders Shun Russian Oil Cargoes

Since Russia invaded Ukraine, many Western countries have banned Russian crude imports. Now, however, countries and companies are shunning the use of Russia's massive fleet of oil tankers, which has driven up tanker rates, according to Bloomberg.  Shipping analyst Peder Nicolai Jarlsby at Oslo-based Fearnley Securities wrote that Sovcomflot PJSC, a state-controlled company with the largest Aframax-class fleet in the world, has been shunned by global oil traders. The result is fewer oil tankers available to haul crude, which has pushed up tanker…