Petroleum tanker rates for routes originating in Europe rose to record highs in April 2022 because of geopolitical instability related to Russia’s full-scale invasion of Ukraine and rising marine fuel prices, also known as bunker fuel, according to the U.S. Energy Information Administration (EIA).
Dirty tanker rates for Aframax-sized vessels originating in the Black Sea in southeast Europe increased to $32.10 per metric ton in April 2022, more than triple the $10.11 per metric ton price in January 2022. The tanker rates for routes originating in the Baltic Sea in northern Europe reached $41.38 per metric ton in April 2022, up from $7.50 per metric ton in January 2022.
Petroleum tankers are generally classified into two groups: clean tankers and dirty tankers. Clean tankers carry lower-sulfur petroleum products, including refined petroleum products such as motor gasoline, diese