Tanker Rates Soar to Record as Oil Crisis Becomes Shipping Crisis
The cost of shipping crude oil soared to record highs last month as the Iran war reshuffled trade routes and patterns and tied up more tankers in inefficient and lengthy voyages. Supertanker rates soared in September to above $1 million per day on the Persian Gulf to China route—a record high. The September record was soon smashed as freight rates soared by another 40% in the first week of October alone, to top $1.4 million per day on the Gulf to East Asia trip this week, according to data compiled by Bloomberg.
The increased flows of oil…
Read the full report on Oil Price
Story file
How this page works. The Headline Update lists this report from Oil Price with a short summary and a link to the original. The original reporting and photograph belong to the publisher. Spotted an error in our summary? Tell our corrections desk.
