Shipping costs for mid-size oil tankers from the US Gulf to Europe are near the highest levels since early in the pandemic, due to changes in trade flows amid Russia‚Äôs war in Ukraine and fewer available ships globally. Daily earnings for Aframax vessels sailing from the US Gulf to northwest Europe have soared to almost $57,000 this week — more than 12 times the level at the start of the year — according to data from the Baltic Exchange. The tankers typically haul about 600,000 barrels of crude. This followed a surge in rates for Aframaxes crossing the Mediterranean in late July, as traders raced to secure tankers when Libya resumed exports following months of halt at several key ports. While Libyan exports reduced the availability of ships, the market had already been […]