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Shipping Oil Now Costs $1 Million a Day and One Tiny ETF Is Up Over 4,000%
The fund has climbed 4,229.08% year to date as war-risk premiums and tanker day rates keep freight costs near seven figures, CNBC reported.
Summary by 24/7 Wall St.
10 Articles
10 Articles
Freight fired with war in the Middle East and with a lack of oil tankers.
·Lisboa, Portugal
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Shipping Oil Now Costs $1 Million a Day and One Tiny ETF Is Up Over 4,000%
A single supertanker charter out of the Gulf now costs more per day than most people earn in a lifetime, and one obscure ETF has turned that freight crisis into the most extreme return on any US exchange this year.
·Lakewood, United States
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The cost of chartering a giant tanker on the Middle East-Asia route exceeded $1.2 million per day for the first time; 15% of the global tanker fleet is also waiting off the coast of Oman.
Coverage Details
Total News Sources10
Leaning Left0Leaning Right1Center2Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
Factuality
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