The Energy Market's Next Crisis: Oil Tanker Shortages | ZeroHedge
Authored by Irina Slav via OilPrice.com, As the EU ban on Russian oil and fuels looms, demand for tankers - particularly ice tankers - has been climbing. In early August, the average profit for an oil product tanker jumped to the highest level since 1997, and it is likely that profits have increased since then. Fuel markets worldwide are also tight which, combined with soaring tanker prices, will only add to inflation fears. In the new era of energy shortages, one aspect of the situation has tended to get overlooked: the transport of energy. Demand for tankers has been on the rise since the European Union slapped sanctions on Russia in the spring, and this trend is only going to intensify in the coming months as the EU embargo on Russian oil and fuels enters into effect. Bloomberg reported this week that shipping companies were scrambling to get their hands on as many ice-class tankers as they could ahead of the embargo, which comes into effect in early December for crude oil and two m
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### Response: Authored by Irina Slav via OilPrice.com, As the EU ban on Russian oil and fuels looms, demand for tankers - particularly ice tankers - has been climbing. In early August, the average profit for an oil product tanker jumped to the highest level since 1997, and it is likely that profits have increased since then. Fuel markets worldwide are also tight which, combined with soaring tanker prices, will only add to inflation fears. In the new era of energy shortages, one aspect of the situation has tended to get overlooked: the transport of energy. Demand for tankers has been on the rise since the European Union slapped sanctions on Russia in the spring, and this trend is only going to intensify in the coming months as the EU embargo on Russian oil and fuels enters into effect. Bloomberg reported this week that shipping companies were scrambling to get their hands on as many ice-class tankers as they could ahead of the embargo, which comes into effect in early December for crude oil and two m