Russian ESPO Crude Shipping Costs Plummet to 8-Month Lows as Demand Wanes
Freight rates for Russia’s ESPO crude shipments to China have dropped sharply as a surplus of non-sanctioned tankers eases the impact of Western sanctions. The cost to transport April-loading cargoes fell to $2 million$3 million, less than half the peak rates seen earlier this year.
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