Oil shipping rates extended their rally on expectations of a tightening in global tanker supply from wider U.S. sanctions on Russia's fleet and traders' demand for ships to load Middle East oil for Asia,

Oil-freight derivatives trading surged to the highest in at least a decade as the Biden administration’s sanctions on Russia continued to propel supertanker rates higher.

Five of those tankers were stationary off Chinese ports and a further seven dropped anchor off Singapore, with others halting near Russia in the Baltic Sea and the Far East, according to Reuters' analysis based on MarineTraffic and LSEG ship tracking data.

At least 65 oil tankers have anchored in various locations around the world, including off the coasts of China and Russia, since the US announced a new package of sanctions on January 10, Reuters reports.

Since the United States announced a new package of sanctions on 10 January, at least 65 oil tankers have been anchored in various locations, including off the coasts of China and Russia. Source: Reuters Details: Five of these tankers remain off Chinese ports,

Supertanker freight rates jumped after the U.S. expanded sanctions on Russia's oil industry, sending traders rushing to book vessels to ship supply from other countries to China and India, shipbrokers and traders said.