A surge in the cost of shipping oil between the world's ports is buoying energy prices, even as a gloomy economic outlook has dragged down crude near its lowest levels of the year
“The world’s oil-supply maps are being completely redrawn,” said Christian Ingerslev, chief executive of Copenhagen-based shipping operator Maersk Tankers A/S.
slated for Dec. 5, as well as a similar prohibition of petroleum products set for Feb. 5, could help make the new trade routes last. Tankers carrying liquefied natural gas are floating off Europe’s coast, waiting for the price of the fuel to rise. WSJ’s Joe Wallace explains how the tankers are Europe’s attempt to address the energy shortage and what it might mean for the continent this winter. Photo Illustration: Alexander Hotz/WSJ
Tanker operators “appreciate years like this one when they’re making money hand over fist,” said Omar Nokta, a shipping analyst at Jefferies.
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