![]() The pricing spike comes amid a risk of disruption in tanker markets due to Houthi attacks on merchant vessels in the Red Sea, which has led many ships traversing the world’s oceans to take safer but longer routes, adding to their voyage length and reducing availability. ![]() It was unclear if the Korean shipping company is hoping to corner at least a small part of the VLCC market, but one thing that's certain is that tanker shipping clients will now have no choice but to pass on the surging costs to end-users, sending oil prices higher. ![]() “Sinokor continues to charter VLCCs in what appears to be a major punt on the VLCC freight market,” shipbroker Braemar wrote in a note. Rates for the benchmark Middle East to China route rose by the most since September. That rippled across the world, impacting other key oil routes often served by supertankers. As a result of this booking spree, tanker rates have soared: the cost for VLCCs (or very-large crude carriers) from the US Gulf to Asia jumped by more than $1 million a day on Monday, the largest gain since November 2022. The vessels can haul 2 million barrels. ![]()
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