Sep. 10 at 10:00 AM
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Surging Tanker Rates Signal a Deepening Global Energy Crisis
Global tanker freight rates are surging to record levels with little respite in sight, a sign of the growing strain in oil markets as traders, shipowners, producers and buyers grapple with a drawn-out conflict in the Persian Gulf and increasingly complex workarounds.
Earnings for supertankers sailing on the benchmark Middle East-to-China route are at a record of nearly
$800,000 a day. Meanwhile, for the US Gulf to Asia run, charterers have been offering very large crude carriers at a record lump-sum fee of
$29.5 million — close to
$15 per barrel without considering additional war risks or fees for unexpected delays. (Bloomberg)
