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Shadow Fleet Driving Freight Inefficiencies: Clearlake

FREIGHT

An increasingly inefficient freight market is where the oil traders stand to make money, according to Clearlake Shipping, cited by Argus.

  • "The margin is very obviously in shipping at the moment," Gunvor subsidiary Clearlake Shipping co-head Andrew Jamieson said at CERAWeek.
  • Jamieson estimates that the shadow fleet moving Russian crude is around 700 vessels. This has complicated freight markets where the tonne mile – the cost to move cargo from one location to another – has risen significantly.
  • Current freight rates are also an indication that the market does not expect the dark fleet to return to the mainstream market.
  • "We think these inefficiencies are here to stay," said Jamieson.
  • According to Jamieson, buyers prefer taking cargoes closer to the source or purchasing FOB cargoes.
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