Shipowners from the Middle East have become increasingly prominent in secondhand tanker markets as fears grow over the potential spread of the Israel-Hamas war to neighbouring countries.

Analyst Eva Tzima noted a divergence in opinion on the conflict’s next stages in shipping and oil markets.

The head of research at Greece’s Seaborne Shipbrokers said that on the one hand, bigger crude carriers have been “substantially outperforming” the rest of the sector, as charterers worry that an escalation could lead to trade disruptions.