Tankers are expected to outperform other shipping sectors in 2023 as the great Russian reshuffle sends oil cargoes longer distances following the European Union’s import bans.

The average distance of seaborne oil trade is projected to increase by 6% until 2024 as Europe looks to the Middle East, US Gulf and West Africa for replacement barrels, according to the latest assessments by Clarksons Research.

It said the booming tanker market stands in contrast to the container and dry bulk sectors that are both expected to contract in 2023.