Some of the expected gains for the tanker sector from the European Union’s looming ban on Russian seaborne oil imports have already fed into soaring rates, say brokers.

Rates for some tanker sectors have gone “haywire”, with aframax time charter equivalents up 56% last week owing to limited tonnage availability as owners cashed in by shipping Russian crude before the ban starts.

The EU’s oil ban on imports from 5 December means European buyers will have to seek alternative supplies from Asia and the US, increasing voyage distances and further boosting rates.