Ukraine Conflict and EU’s Ban on Russian Oil Products Drive Surge in Product Tanker Orders

The war and Ukraine and EU’s ban on Russian oil products is driving product tanker rates higher, contributing to a surge in newbuild orders.

The product tanker orderbook to fleet ratio increased from 5.4% in December 2022 to 9.3% in June 2023 due to a 337% year-over-year increase in newbuild contracting during the first half of the year, according to a new report from BIMCO.

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