Singapore’s Hafnia is moving forward into an uncertain 2022 with optimism as rates increase.

The Oslo-listed product tanker arm of the BW Group said it is already noting cargoes moving longer distances as a result of Russia’s war in Ukraine.

“Going into 2022, Hafnia had a positive view of the product tanker market, expecting increased cargo volumes and longer voyages to meet increasing oil demand and replenish historically low inventories,” chief executive Mikael Skov said.