Article
Tanker Rates Nearly Halve As Hormuz Shipping Normalizes
Tanker Rates Nearly Halve As Hormuz Shipping Normalizes
The recent spike in the cost to hire a supertanker carrying 2 million barrels of crude from Saudi Arabia to China is now being sharply reversed, as more shippers send vessels through the Strait of Hormuz and normalization trends continue to improve.
Bloomberg reports that tanker rates for the Saudi Arabia-to-China route tumbled to about $287K on Friday, down 44% from more than $514K on Tuesday. That data came from the Baltic Exchange.
Rates remain elevated and still highly profitable for owners, but...
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Summary
Trump says US blockade of Iran ports 'reinstated': states that US to be reimbursed at rate of 20% of cargo shipped for vessels wishing to transit.
Strikes escalated over weekend: US hit over 140 Iranian military targets; Iran attacks US-linked facilities across the Gulf.
Shipping tensions boil: Iran claims the strait is closed, but commercial vessels continue transiting under US protection.
Oil prices climb: on rising risk to global shipping & energy markets, as diplomacy clearly unraveling.
Strait of Hormuz...
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