Tanker rates spiked into six-digit territory as Russia rushed to export as much oil as possible ahead of strict new shipping sanctions next month. Details of a Russian oil price cap and penalties and bans against shipping companies who infringe sanctions due to come in place on December 5 have begun to emerge. LNG rates, meanwhile, hit all-time highs, of up to $500,000 a day as Europe braced for winter without Russian energy on hand.
International shipping organisation BIMCO released its...