Business Standard

Key Russian oil shipping rate triples amid Ukraine crisis, says report

The rate to book an Aframax vessel to load at one of Russia's Baltic Sea ports to western Europe almost tripled on Thursday

exports, imports, supply chain, economy, growth, shipping
Premium

Photo: Bloomberg

Bloomberg
Freight rates are soaring as crude buyers struggle to find shippers willing to send their vessels into Russian ports because of the shelling in and around Ukraine. 

The rate to book an Aframax vessel to load at one of Russia’s Baltic Sea ports to western Europe almost tripled on Thursday from the previous day, according to traders and shipbrokers. The bulk of Russia’s flagship Urals crude that loads in the northern European ports is usually sold to western buyers, although they sometimes go into China and India. 

While US restrictions on currency clearing include carve-outs for energy payments, some European lenders are

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 25 2022 | 11:21 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com