Charter prices for giant oil tankers in the Middle East have soared to record highs in light of escalating tensions between the United States and Iran and disruption to shipping traffic in the Strait of Hormuz.
Charter fees for the giant oil tanker used to transport 2 million barrels from the Middle East to China jumped to $423,700 a day yesterday, more than 94% higher than Friday’s closing price, according to LSEG data.
effects of trauma
The surge in shipping prices comes alongside rising oil and gas prices, with major marine insurers cutting off coverage for ships operating in the Arabian Gulf in the wake of the security shock that has paralyzed the region’s major shipping lanes.
LNG tanker charter prices have also increased by more than 40%, with transatlantic freight rates rising to $61,500 per day yesterday and Pacific-wide prices rising to $41,000, a 45% increase compared to last Friday’s closing price.
Rental prices for giant oil tankers in the Middle East have soared to record highs amid escalating tensions between the United States and Iran and disruption to shipping through the Strait of Hormuz.
Rental prices for the giant oil tanker used to transport 2 million barrels from the Middle East to China soared to $423,700 a day yesterday, more than 94% higher than Friday’s closing price, according to LSEG data.
shock wave applications
The soaring shipping prices come as oil and gas prices rise, and major marine insurance companies have cut off coverage for ships operating in the Arabian Gulf due to the security shock that has paralyzed the region’s main shipping routes.
Liquefied natural gas tanker rental prices also soared by more than 40%, with transatlantic shipping rates reaching $61,500 per day yesterday, while prices across the Pacific rose to $41,000, a 45% increase compared to last Friday’s closing price.
