The Economist report that refineries were able to multiply 6 times their revenues, with margins of up to $60 in June 2022. (a)
Europen ban imports on Russian oil products are also biting quite hard. Russia might have been forced to reduce by around 1.4 BBP its refining capacity in May 2022.
Now European end markets are seeing a surge of clean product imports by Suez and Aframax (Gasoline, Gasoil, Diesel, Jet fuel, etc.) from Asia and the Middle East.
This situation is helping the clean products shipping sector in the European routes. Tankers rates and insurance premiums have been steadily rising, amid geopolitical tensions in the regions of the Black and Baltic sea.
Rates have been soaring for LNG carriers too, with spot rates more than double over the previous year. (b)
All in all, parts of the Oil sector are enjoying a positive juncture with soaring profits.
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