Tanker owners face a long-term choice over what kind of companies they want to be when the Ukraine war and related sanctions come to an end.

French shipbroker BRS believes the sector is right to be confident about earnings and asset values, as the conflict will continue to disrupt trade patterns and support tonne-miles for as long as import bans remain.

“Indeed, arguably Europe will never again import the volume of oil which it previously did from Russia, which implies that tonne-miles will remain supported above their previous pre-war levels,” the Paris shop wrote in a report on sale-and-purchase prospects for 2023.