Russian navy ships are anchored in a bay at the Black Sea port of Sevastopol in Crimea May 8, 2014. REUTERS/Stringer

SINGAPORE, Feb 25 (Reuters) – Oil tanker prices are soaring globally as traders scramble to cope with jitters over a potential Russian supply disruption, as well as risk premiums from war for ships plying the Mediterranean region after Moscow invaded Ukraine.

Shipowners are also grappling with higher fuel costs after oil prices climbed nearly $2 a barrel on Friday, with Brent crude back above $100. The global energy sector fears that Europe and the United States will impose sanctions on Russian exports and seriously disrupt supplies.

Sources also feared that any further widening of sanctions could make some Russian oil and fuel supplies off-limits and trigger a rush by fuel and oil traders to secure alternative supplies that could tie up ships on trips to exporters outside. of the Black Sea region.

Tanker fares from the United States to Europe jumped more than 8% on Thursday, reaching their highest level since May 2020. The cost of bunkering fuel at the world’s largest bunker hub, Singapore, jumped 6% Thursday to $555 a tonne, the highest. since 2019.

“I expect quite a mess at the moment,” said a Singapore-based fuel trader, speaking on condition of anonymity due to the sensitivity of the matter. “The war risk premium is expected to increase. In addition, a large number of Russian cargoes slated for loading may also be canceled.”

Fares for a Trafigura-chartered vessel carrying crude oil from Houston to Rotterdam – the Navig8 Precision – have soared by around $200,000 to $1.9 million, a global scale of 150 from 135 earlier this week , according to sources and shipping data.

Fares for another ship, the Pluto Moon, carrying crude oil from Africa to the UK, rose 83 points globally to $2 million.

Major buyers of Russian oil are struggling to secure credit guarantees from Western banks or find vessels to extract crude oil from one of the world’s largest producers.

At least three major buyers of Russian oil were unable to open letters of credit from Western banks to cover their purchases on Thursday, four trade sources said, citing market uncertainty following the Russian invasion. Read more

Very Large Crude Carrier (VLCC) rates from the Middle East to China, Asia’s benchmark for crude freight, rose from 4.77 Worldscale (W) to 38.82W on Friday, a shipbroker said, making reference to the points of the price index operated by the Worldscale Association. which is used as an industry tool to calculate freight charges. Each VLCC can transport 2 million barrels of oil.

Shipowners are concerned about rising bunker fuel prices and have demanded higher freight rates, while mid-sized Aframax tanker owners who have ships plying the Mediterranean are worried about war risk premiums, the broker added, speaking on condition of anonymity due to the sensitivity. of the material.

“Business (in the East) is quiet for now. But we will gradually know how the freight market will pick up,” said another Singapore-based ship broker, also speaking on condition of anonymity. .

On the Arabian Gulf-Japan (TC1) route for ships that can carry around 75,000 to 90,000 tonnes of clean products, fares have climbed to 77.5 Worldscale (W), from 75 last week, he said. added.

The shipping index benchmark for Long Range 1 (LR1) vessels that can transport 55,000 tons of clean goods from the Middle East to Japan, also known as TC5, has increased to 102.5W Friday, compared to 97.5 W last week.

Greece has recommended that all Greek vessels leave Ukrainian and Russian territorial waters in the Black Sea immediately, ship brokers and a senior Greek Navy Ministry official said on Thursday. This could lower fares in areas where ships travel, a maritime source said.

Reporting by Koustav Samanta and Florence Tan in Singapore; Laura Sanicola in Washington; Editing by Gavin Maguire, Kenneth Maxwell and Jonathan Oatis

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