Political uncertainty normally acts as a stimulant for his company’s business, the leader of Bermudian-based Nordic American Tankers Ltd said today.

Herbjorn Hansson, the company’s founder, chairman and CEO, referenced the American ban on the importation of Russian oil, adding that Russian crude oil accounted for about 3 per cent of total US crude oil imports last year.

He added: “Europe imports about one third of its oil from Russia.

“With increased sanctions and prolonged uncertainty, Europe will source oil from elsewhere, such as West Africa, Americas and the Middle East.

“Therefore, oil has to travel longer distances and more transportation work is good for the NAT vessels.

“Some of the Russian oil may go to the East/Far East creating a strong ton-mile effect and improving the position for our ships further.”

Mr Hansson said NAT has 22 Suezmax tankers including two newbuildings.

He added: “A large part of the NAT fleet is currently in the spot market. NAT will instantly see the effect of increased transportation work and higher rates for our vessels.”