Tanker rates for crude oil, petroleum products, and liquefied petroleum gas (LPG) reached record highs in November 2022. These increases were driven largely by some of the effects of Russia’s full-scale invasion of Ukraine as well as delays at the Panama Canal. Tanker rates could increase through the winter because on December 5, 2022, the EU ban on importing seaborne crude oil from Russia took effect, and the G7 instituted a crude oil purchase-price cap of $60 per barrel for countries purchasing Russia’s crude oil using European banks, insurance, or shipping services. We classify petroleum tankers into two groups: ... (full story)