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. Dirty tanker rates for Aframax-sized vessels originating in the Black Sea in southeast Europe increased to $32.10 per metric ton (mt) in April 2022, more than triple the $10.11/mt price in January 2022. The tanker rates for routes originating in the Baltic Sea in northern Europe reached $41.38/mt in April 2022, up from $7.50/mt in January 2022.
