Crude tanker rates spike to 5-year high as buyers exit Russian oil — tanker stocks back in focus

Crude tanker rates have surged to a five-year high, driven by buyers seeking alternatives to Russian oil amid sanctions. Benchmark rates for VLCCs rose to $137,000 a day, marking a 576% increase this year. This spike has refocused attention on tanker stocks, including Frontline, Teekay, and Scorpio Tankers, among others. Smaller vessels like Suezmaxes are also benefiting from higher earnings as they pick up cargoes on routes typically served by VLCCs.