Recent US sanctions against Russian entities, blacklisting over 180 vessels, have significantly disrupted the tanker market. This has led to a surge in demand for non-sanctioned tonnage, driving Aframax tanker freight rates for the Kozmino-to-China route to a record high of $7 million on January 21st, according to S&P Global Commodity Insights data, reports S&P Global.
Decline in Ship AvailabilityBefore the recent geopolitical events, the average freight rate for the route was $560,000....
https://mfame.guru/limited-ship-availability-and-increased-competition-drive-aframax-freight-rates/