Photo by: Bloomberg
The European Union’s (EU’s) ban on Russian fuel imports is likely to increase the world’s need for oil tankers, vessel owner Torm forecasts. The EU ban on Russian oil products from February 2023 will spark a “recalibration of the oil trade ecosystem”, as the bloc brings in replacement supplies from further away and as Russia seeks new markets for its supply. Tanker demand is also being supported by refinery closures in importing countries such as Australia, New Zealand and South Africa. Photograph: Bloomberg