Shipping U.S. Oil to China Costs Half as Much as the Cargo
- VLCC Seeb provisionally booked for U.S.-China at $19.5 million
- Chartering costs for benchmark Mideast-China route also surge
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The cost of hauling oil from the U.S. to China has skyrocketed to nearly $10 a barrel -- almost half of what the American benchmark crude is currently valued at -- as the price war spurs a rush for ships.