Tanker Rates Smash $1 Million a Day as Oil Shipping Crisis Deepens
The daily rate for commissioning a tanker topped $1 million for the first time in history amid a tightening supply of vessels to carry crude oil and fuels whose owners are willing to dare the Strait of Hormuz. The squeeze is adding extra costs to the price of oil for physical delivery, just as tanke
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been effectively closed since February 28, moving only 8 ships on September 13 versus the usual 85 per day. A tanker that can't transit Hormuz must sail around Africa — 6,500 extra nautical miles, three extra weeks, and triple the fuel cost. The rate isn't a crisis, it's arithmetic.