Supertanker chartered from Gulf Coast to China for $76 million, 10 times higher than pre-war level

Shipping costs have exploded as the war in the Persian Gulf has led to a shortage of available tankers.

Supertanker chartered from Gulf Coast to China for $76 million, 10 times higher than pre-war level

TL;DR

  • A supertanker was chartered from the U.S. Gulf Coast to China for $76 million.
  • This charter rate is approximately 10 times higher than the pre-war level of $7 million to $10 million.
  • The soaring shipping costs are due to a shortage of available tankers resulting from the crisis in the Middle East.
  • Middle East producers are using a shuttle system to export oil through the Strait of Hormuz, which requires more ships.
  • The shuttle system involves transferring oil from loaded tankers to other ships in the Gulf of Oman for transport to Asia.