Crude and product tanker demand could rise by more than 6% next year because of the reshuffling of trade prompted by the European Union’s ban on Russian imports, according to Clarksons Research.

Average tanker earnings are at some of their highest levels in the last 30 years with the outlook continuing to look positive next year owing to the Russian invasion of Ukraine and changes in global refinery capacity, it said in its monthly oil and tanker trades outlook.

VLCC spot earnings have strengthened rapidly through August and September to reach $70,000 a day with clean MR earnings at more than $40,000 in the middle of this month, it said.