Tanker markets are in “disarray”, with midsize crude tanker rates into Europe forced upwards as owners race to beat the 5 December ban on Russian crude imports, says Lorentzen & Co.

Trade flows are changing at “breakneck speed” as the industry tries to prepare for the ban, coupled with a US-inspired price cap plan that is yet to be fully outlined, the Oslo-based broker said.

Brokers have reported a likely shortfall in Russia-related tonnage after 5 December if Moscow wants to maintain its levels of exports in the event of an exodus of EU and G7-linked ships.