Gunvor’s shipping boss Andrew Jamieson has described high tanker freight rates as a “pain” but believes they are here to stay.

That is why the giant trader and shipowner has been taking in more vessels on period charters, he told an energy conference in Houston.

Reuters cited the co-head of Gunvor’s shipping division Clearlake Shipping as saying Russian oil trade disruption and reroutings away from the Red Sea have caused a “perfect storm” for the tanker sector.