Freight rates to ship crude on an Aframax or Suezmax from the US Gulf coast to Europe have surged to all-time highs as Europe seeks alternative suppliers ahead of the 5 December EU ban on seaborne imports of Russian crude. The rate for an Aframax on a transatlantic voyage from the US Gulf coast hit $10.18/bl for WTI cargoes on 18 November, a 105pc increase since 10 October. The rate for a Suezmax on the same voyage reached $5.14/bl, up by 96pc in the same time span. Over that time, the time charter equivalent rate, which represents the daily earnings or loss for a shipowner, for a scrubber-fitted 1mn bl Suezmax has ... (full story)