Oil Tanker Freight Rates From US to Europe Soar to Two-Year High
- Daily earnings are near highest since early in the pandemic
- Geopolitical factors have reduced vessel availability
An oil tanker at the Port of Corpus Christi in Corpus Christi, Texas.
Photographer: Eddie SealThis article is for subscribers only.
Shipping costs for mid-size oil tankers from the US Gulf to Europe are near the highest levels since early in the pandemic, due to changes in trade flows amid Russia’s war in Ukraine and fewer available ships globally.
Daily earnings for Aframax vessels sailing from the US Gulf to northwest Europe have soared to almost $57,000 this week -- more than 12 times the level at the start of the year -- according to data from the Baltic Exchange. The tankers typically haul about 600,000 barrels of crude.