Economics
Oil Tanker Rates Surge as Iran Rivals Look to Be Boosting Supply
- Asian crude demand to peak in next 2 months, Petromatrix says
- Iran loss means tankers are taking longer routes to Asia
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The oil tanker market is surging amid signs that impending U.S. sanctions against Iran are prompting rival producers in the Middle East to ramp up shipments.
Rates to haul 2-million-barrel cargoes to Asia jumped to $40,275 in the week ended Oct. 5, more than doubling from late September, according to data from Clarkson Research Services Ltd., a unit of the world’s biggest shipbroker. Asia is sourcing more crude from the U.S. and West Africa, increasing the length of journeys, according to researcher Petromatrix GmbH.