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Tanker Rates Smash $1 Million a Day as Oil Shipping Crisis Deepens
The daily rate for commissioning a tanker topped $1 million for the first time in history amid a tightening supply of vessels to carry crude oil and fuels whose owners are willing to dare the Strait of Hormuz.
Summary
The daily rate for commissioning a tanker topped $1 million for the first time in history amid a tightening supply of vessels to carry crude oil and fuels whose owners are willing to dare the Strait of Hormuz. The squeeze is adding extra costs to the price of oil for physical delivery, just as tankers become a cybersecurity target.
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