Tanker Rates Soar to Record as Oil Crisis Becomes Shipping Crisis
The cost of shipping crude oil soared to record highs last month as the Iran war reshuffled trade routes and patterns and tied up more tankers in inefficient and lengthy voyages. Supertanker rates soared in September to above $1 million per day on the Persian Gulf to China route—a record high. The S
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been shut for 224 consecutive days — only 4 ships transited on October 4 versus a normal rate of 85 per day. When you sever the world's most critical oil chokepoint for seven months, tanker rates don't "soar to record" — they respond arithmetically to the destruction of routing efficiency and the forced rerouting of every barrel that would normally pass through the Persian Gulf.