Supertanker Rates Hit Record $1.4 Million a Day

AI Summary

Supertanker freight rates have surged to a record $1.4 million per day on the Gulf-to-East Asia route amid an oil crisis. Ship-to-ship transfers near the Strait of Hormuz are tying up vessels and reducing tanker availability on other routes.

The oil crisis has extended into the shipping sector with a large tanker fleet tied up in ship-to-ship transfers outside the Strait of Hormuz, pushing global freight rates to record highs and reducing vessel availability for other routes.  Supertanker rates have soared in recent weeks, and hit a record-high of $1.4 million per day on the Gulf to East Asia trip, according to data compiled by Bloomberg. Rates on the U.S. Gulf-to-Japan route are also skyrocketing and one supertanker, the so-called very large crude carrier (VLCC) capable of shipping…