- Fuel tanker prices have soared by up to 60% since Russia invaded Ukraine in February.
- Western sanctions have reduced the flow of fuel and slashed availability of tankers.
- An average second-hand tanker costs 60% more now than at the start of the year.
War in Ukraine has caused the price of second-hand fuel tankers to soar by up to 60%, according to Bloomberg.
Carriers are also changing hands more often, with western sanctions hitting overall tanker supply.
Data provided to Bloomberg by the shipping consultancy firm VesselsValue showed 184 so-called clean tankers, which only carry refined petroleum products, changing hands this year, for a total value of $3.79 billion.
A six-year-old Liberian tanker named Largo Sun recently sold for $35 million, according to VesselsValue, while a 14-year-old medium-range tanker sold for $19.3 million last week.
The average value of a 15-year-old long-range tanker has surged by almost 60% this year, Bloomberg reported.
Vladimir Putin's invasion of Ukraine in February upended global energy markets, as western countries started sanctioning one of the world's largest oil producers.
The US announced it was banning Russian oil imports in March, while EU leaders agreed to a partial ban of Russian oil at the end of May.
Those moves have slashed global supply, causing prices to soar. Brent crude has jumped 31% in 2022 to over $103 a barrel since Russia invaded Ukraine, while WTI crude is up 30% to just under $99 a barrel.
"A 15 year old carrier was worth $18.42 million in Jan 2022 and is now worth $29.1 million today," VesselValue's head cargo analyst Olivia Watkins said. "Product tankers continue to be the most transacted vessel type during July amidst a healthy spot market."