Traders are snapping up ships to haul millions of barrels of diesel westward from Asia and the Middle East as oil supply chains react to Russia’s invasion of Ukraine.
Bookings to fill oil tankers with refined fuels — mostly diesel, gasoil and jet fuel — and sail them from East to West have soared in recent days, according to a ship broker and a large vessel owner. Supply chain chaos created by the war has boosted Europe’s diesel price to a record high, helping to make it profitable for traders to ship to the continent from the Middle East.
