Seaborne oil flows will be completely redefined once the embargo on Russian oil kicks in by the end of the year, according to shipbroker Gibson.
Product tanker rates are seeing the biggest impact from changing trade flows with the majority of Russian crude in the West still heading to Europe, it said in a briefing note.
The European Union in June announced an embargo on Russian imports of oil and products that it says will affect 90% of imports to the bloc when it comes into full force by the end of the year.
