Oil shipping costs reach dizzying new highs on Hormuz snarls
Shipowners are benefiting from a global tanker shortage as refiners face shrinking margins and some cargoes are being discounted to offset delivery costs.
- On Wednesday, October 7, the Baltic Exchange in London reported that hiring a supertanker to move U.S. oil to Asia reached a record $77 million, as global shipping costs surged.
- The war involving Iran continues to disrupt tanker routes and extend transit times, reducing effective fleet supply even as Middle East oil flows rebound.
- These rates far exceed pre-war levels of $7 million to $10 million and the 2025 average of $9.2 million, adding huge costs to the petroleum supply chain.
- This spike increases delivery costs by about $38 per barrel on a 2 million-barrel cargo, forcing some West African sellers to discount exports to remain competitive.
- Trading firm Trafigura recently chartered The Alexandros to sail from the U.S. Gulf Coast to China for $76 million, while producers utilize a shuttle system through the Strait of Hormuz.
65 Articles
65 Articles
US-China supertanker freight cost eases from record, data shows
Freight rates for shipping US crude oil to China have recently eased after reaching record levels. The rate dropped to $634,974 per day, a decline after a period of increases. This was the first drop since early September, indicating a shift in market trends. Traders noted that high rates are making US crude less accessible for Asian refiners.
نُشر هذا مقاعد ولاً عبر Cedarnews.net. To follow more of the news and interviews, click on our website. Rates for supertanker transportation on the route from the Persian Gulf to China in September rose sharply above the 1 million USD (892,000 euros) daily mark. That limits it. تم نشر هذا الخبر عبر سوكت Cedarnews الشبابري. To see more of the latest news, check out our official website.
Record $80,000,000 Shipping Bills Are Pricing American Oil Out Of Asia
by Simon August at CDN Record tanker rates have made American crude too expensive for Asian refiners, who are turning to Middle Eastern and South American oil instead. Chartering a supertanker to haul two million barrels of U.S. crude from the Gulf of Mexico to China in November cost $80 million in early October, Reuters reported, citing data from shipbroker … Click to read the rest HERE-> Record $80,000,000 Shipping Bills Are Pricing American …
Shipping an oil tanker now costs more than launching a SpaceX rocket
The U.S. war with Iran, Houthi threats causing circumnavigation of Africa and severe shortages of tankers have driven up costs ninefold, to the level that shipping rates are the highest since the first supertankers began operating in the 1960s
The cost of a crossing from the United States to China can now be up to $80 million, compared to $74 million for Space X's launch of a falcon 9 rocket, said Canadian broker Gibson.
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