News Snapshot:
Global trade in diesel and other refined petroleum products is evolving exactly as predicted. European Union and G-7 sanctions targeting Russian exports are forcing product tankers to sail longer voyages and sucking more ships into the “shadow fleet,” reducing effective transport supply in Western trades. What comes next for already tight transport supply is also completely predictable. The number of new product tankers on order is historically low. Given construction lead times and shipyards chock full of orders for container ships and LNG carriers, the world has no choice but to make due with roughly the same ocean transport capacity...
