Oil-tanker earnings surged above the $100,000-a-day marker on the benchmark route as a looming ship-fuel revolution combined with U.S. sanctions to supercharge rates.
The rates for ships hauling 2-million-barrel cargoes of Middle East oil to China climbed more than 15% to $113,047-a-day, according to data from the Baltic Exchange in London. That’s the highest in data going back to February 2017.
