Oil Tanker Rates Hit Record Highs Following Iran, US Shipping Attacks
Longer reroutes and war-risk delays are tightening vessel supply, with Middle East-to-China VLCC earnings near $800,000 a day, Bloomberg data show.
- Global tanker freight rates are surging to record highs as escalating Middle East shipping risks force traders into inefficient and expensive alternative routes.
- Shipping through the Strait of Hormuz remains risky amid the tanker war in the Persian Gulf involving Iran, while escalating tensions near Oman create severe supply chain bottlenecks.
- The benchmark daily rate for a VLCC from the Middle East to China has hit almost $800,000, while shipbroker Fearnleys expects the WS 400 mark may be breached soon due to tight vessel positions.
- Charterers face a record $29.5 million lump-sum fee to ship crude from the Gulf Coast to Asia, nearly $15 per barrel, excluding additional war risk premiums and delay costs.
- "The market is quite stressed," said Alex Grant, Equinor's global head of crude, products and liquids trading, at the APPEC conference, as Saudi Arabia shifts cargoes through the Red Sea to bypass regional conflicts.
20 Articles
20 Articles
The Economic Times
Oil tanker rates hit record highs following Iran, US shipping attacks
Oil shipping rates from the Gulf of Oman to China have reached record highs this week. This surge follows recent attacks on shipping and military escalations in the region. The increased risk in the Middle East Gulf is pushing freight rates to new levels. Higher shipping costs could contribute to inflation and impact businesses and consumers. This conflict's effects are now spilling over to other global shipping routes.
Oil tanker shipping rates have surged to record highs due to the escalating conflict between the US and Iran, which has disrupted key maritime routes in the Middle East
According to the Baltic Exchange, the cost of transporting oil on Very Large Crude Carriers (VLCCs) from the Gulf of Oman to China has reached approximately $11.50 per barrel, Reuters...
Shipping stocks are showing strength on the 11th as sea freight rates rise due to escalating conflicts originating from the Middle East. As of 9:16 AM on the 11th, STX Green Logistics is trading at 3,715 won on the KOSPI market, up 160 won (4.5%) from the previous trading day. At the same time, Heung-A Shipping (4.52%) is also showing strength. Conflict surrounding the Strait of Hormuz persists as the retaliatory war between the U.S. and Iran co…
The Daily Caller
Price Tag For Oil Tanker Shipments Soars To Record High As War Grips Middle East
The cost of moving oil around the world is exploding as the Iran war forces tankers onto longer routes.
Price tag for oil tanker shipments soars to record high as war grips Middle East - The Daily Bo Snerdley
The cost of moving oil around the world is exploding as the Iran War forces tankers onto longer routes and strains the ships still willing to operate near some of the world’s most important energy chokepoints. Earnings for supertankers traveling from the Middle East to China reached a record $759,969 per day in September, while the cost of shipping crude from the U.S. Gulf Coast to China hit a record $29.5 million per voyage on Sept. 4, accordin…
Surging Tanker Rates Signal a Deepening Global Energy Crisis
Coverage Details
Bias Distribution
- 62% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
