Product tankers could see an 8% increase in demand as Europe looks further afield to replace Russian volumes, Fearnley Securities said on Tuesday.
A rise in rates linked to the impact of Russia’s war in Ukraine should trump a downturn in volumes following an Opec cut in crude production, said the Oslo-based investment bank.
Fearnleys said a potential uptick in Chinese refinery runs and continued tight levels of tonnage would support the growth in tanker rates.
