The European ban on Russian refined oil products in February is key to a potential 10% increase in tonne-miles for the product tanker sector in 2023, according to the latest research by Clarksons.
The ban will force a reshuffle of trades forcing European buyers to look further afield to replace Russian oil, particularly diesel.
The start-up of new large refineries in Asia and the Middle East will also contribute to changing trading patterns and boost profits, according to analysts.
