JAKARTA. Oil tanker rates soar high compared to last Friday (15/1), following the sanction given by the United States (US) government to Russia, which forces importers to seek out other suppliers.

The biggest crude oil importer and refiner countries like China and India are currently on the pursue of new supply source. As mentioned before by IDNFinancials, the sanction was given to give pressure to Russia’s state income, which is reportedly used as a funding source for its invasion to Ukraine.

The sanction even pushes the importer to obtain oil tanker from other countries, according to several vessel brokers, reported by Reuters. As a result, Very Large Crude Carrier (VLCC) rate from Middle-East to China has jumped 39% since last Friday.

An analyst from Vortexa tanker shipping predicts the supply of oil tanker will be even more scarce, as more oil importing countries seeking out ‘shadow’ tankers to transport oil from Russia to Iran.

“We project that these ‘shadow’ tankers will continue to emerge in the next few months, which surely will narrow down tanker supply,” said an Analyst from Kpler, an intelligent data provider for global trading market.

According to the data compiled by IDNFinancials, since the beginning of the year, WTI oil price has increased by up to 5.33% to USD 76.37 per barrel as of last Wednesday (14/1). Meanwhile, Brent oil price has climbed 5.78% to USD 75.93 per barrel. (KR/ZH)