Tanker Rates Spike as Iran Woes Run Up Against Tight Supply

Tankers moving crude from the Middle East to China charged the highest fees in more than two months this week, after tensions over Iran combined with tight vessel supply to drive up prices.

The daily earnings of a vessel on the benchmark TD3C route reached nearly $126,000 on Tuesday, marking about a fourfold gain this year and the highest rate since late November, according to data published by the Baltic Exchange.