Page 150 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - MARTIOS 2023

FREIGHT MARKETS

As there are no evident signs that the
conflict between Russia and Ukraine
will end soon, the tanker market has
started to feel the impacts of the
EU’s oil ban on Russia. After prohib-
iting crude oil imports on 5 Decem-
ber 2022, the EU halted refined oil
imports on 5 February 2023, which
means that Russian oil can no longer
be carried by EU-owned vessels unless
the oil product is sold at or below the
agreed G7/EU price cap. It is notewor-
thy that Russia is Europe’s largest oil
product supplier. Europe’s reliance on
Russia is demonstrated by the fact that
Europe depends on Russia for 60% of
its diesel imports, a dependence that
rises to 70% for North-West Europe,
whereas, in the Mediterranean, only 25
% of diesel imports come from Russia.
If the cap works similarly to the crude
oil cap, global oil product flows will be
reshuffled, Europe will try to find alter-
native suppliers, and Russia must find
new customers for its refineries pro-
duction. Europe may turn to the US,
Middle East, and India for oil products,
adding tonne miles to the wet market,
operated in the Baltic during winter. thus reducing the supply of product
As far as Ice-classed tankers are con- vessels and strengthening the freight
cerned, we witnessed an increased rates. As for Russia, it may reduce its
buying appetite for such vessels. In refined product prices, as it has already
2022, around 136 Ice-class tankers done for crude oil, in an effort to find
changed hands (accounting for 20% of alternative customers.
the total tankers sales), nearly twice
the number of 2021’s Ice-class tanker
sales. M/T NISSOS RHENIA
318,744 dwt, BUILT 2019, Hyundai Heavy Industries Co., Ltd

2022 2021
Moving forward
Vessel Type Total Sales Ice class Percentage Vessel Type Total Sales Ice class Percentage
with Confidence
VLCC 77 0 0% VLCC 87 0 0%

SUEZMAX 60 10 17% SUEZMAX 40 3 8%

AFRAMAX/LR2 153 35 23% AFRAMAX/LR2 126 13 10%

PANAMAX/LR1 58 14 24% PANAMAX/LR1 41 15 37%

Ethnarchou Makariou Av, & 2 D. Falireos Str.
MR 260 52 20% MR 174 23 13% 18547 Neo Faliro, Piraeus, Greece
T: +30 210 4804200 | F: +30 210 4818210 | E: crew@kykmar.gr
SMALL (<=10,000) 100 25 25% SMALL (<=10,000) 69 18 26%
www.kykmar.gr

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