Russian Oil Sanctions Fuel Boom for Old Tankers

[Epoch-Times-Bot]

Russian Oil Sanctions Fuel Boom for Old Tankers

LONDON—The market for old oil tankers is booming, and it’s all down to efforts by Western nations to curb trade in Russian crude.
As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they’re snapping up old tankers that might normally be scrapped.
The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February.
It also banned companies and individuals in the bloc from providing financing, brokerage, shipping, and insurance services to ship Russian oil elsewhere if the crude was bought above a price cap of $60 a barrel that came into effect on Monday....

Source: Russian Oil Sanctions Fuel Boom for Old Tankers

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