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Tanker Rates Soar to Record as Oil Crisis Becomes Shipping Crisis
What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… The cost of shipping crude oil soared to record highs last…
AI Summary
Shipping costs for crude oil reached record levels in September, when supertanker rates on the Persian Gulf‑to‑China route climbed above $1 million per day. The war in Iran altered trade routes, causing more tankers to undertake longer, less efficient voyages. In the first week of October, freight rates increased by another 40 %, pushing the Gulf‑to‑East Asia rate to $1.4 million per day. These figures reflect a sharp rise in shipping costs amid the ongoing oil crisis.
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