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EU Russian Product Ban to Boost Clean Tanker Market: Ardmore

OIL PRODUCTS

Ardmore Shipping expects global product tanker ton-mile demand to increase 7%-8% due to the EU oil embargo of Russian products.

  • "The Russian oil embargo has the potential to continue boosting demand in an already tight market, which we expect will persist into 2023, essentially until geopolitical circumstances change," CEO Anthony Gurnee said.
  • Amid volatility and dislocations of oil products, Ardmore stated in its earnings presentation that Europe must replace 1 million b/d of refined product imports from Russia, particularly naphtha and diesel, prior to Feb. 5.

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