Oil Shippers Raise Offers for Middle East Route on Gulf Risk - Bloomberg:
Owners of oil tankers are boosting their rates to haul crude on a key route from the Middle East as risks in the Gulf escalate after Iran retaliated against the U.S. killing of a top general.
Shipowners are offering rates for supertankers carrying crude from the Persian Gulf to China at increasingly higher levels, in some cases at least 14% above previous bookings, according to brokers and oil traders in Asia. While there have been no fixtures reported at that level, owners are seeking a premium to enter and load from the region, they said.
The spike in costs for the key shipping route shows how the escalating conflict between the U.S. and Iran is spilling over into global oil supply chains. It’s the latest shock to hit the freight market, which has been shaken over the past year by sanctions on a top Chinese shipowner for transporting Iranian oil and the sabotage of tankers near the Strait of Hormuz -- an act blamed on Iran. More recently, freight rates climbed due to new maritime rules that mandated the use of cleaner-burning ship-fuels.
Owners of oil tankers are boosting their rates to haul crude on a key route from the Middle East as risks in the Gulf escalate after Iran retaliated against the U.S. killing of a top general.
Shipowners are offering rates for supertankers carrying crude from the Persian Gulf to China at increasingly higher levels, in some cases at least 14% above previous bookings, according to brokers and oil traders in Asia. While there have been no fixtures reported at that level, owners are seeking a premium to enter and load from the region, they said.
The spike in costs for the key shipping route shows how the escalating conflict between the U.S. and Iran is spilling over into global oil supply chains. It’s the latest shock to hit the freight market, which has been shaken over the past year by sanctions on a top Chinese shipowner for transporting Iranian oil and the sabotage of tankers near the Strait of Hormuz -- an act blamed on Iran. More recently, freight rates climbed due to new maritime rules that mandated the use of cleaner-burning ship-fuels.
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