Black Sea Shipping Chaos Spreads as U.S. Oil Tanker Rates Surge
- Supertanker fees from the U.S. to Asia have jumped about 60%
- Shipping rates from Black Sea climbed since Russia’s attacks
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The cost to ship crude oil on super-sized tankers from the U.S. Gulf Coast to the U.K. and Asia surged after attacks on vessels in the Black Sea unleashed a risk-based premium into global shipping markets.
Tanker rates for so-called Very Large Crude Carriers that can carry about 2 million barrels of crude from the U.S. Gulf Coast to Asian markets jumped to about $7 million on Friday from $4.4 million just three days ago, according to two shipbrokers familiar with the trades. Rates for booking vessels that carry oil to European markets rose to more than $2.75 million from about $1.6 million, they said.