- A supertanker, the Alexandros, was chartered by the trading firm Trafigura to sail from the US Gulf Coast to China for $76 million, with loading expected around Nov. 19.
- The pre-war rate for the route was $7 million to $10 million, making the charter roughly ten times more expensive than normal.
- At 2 million barrels, the voyage costs $38 per barrel; shipping costs have exploded because the Persian Gulf war has caused a shortage of available tankers.
- Middle East producers are using a shuttle system through the Strait of Hormuz, transferring cargo in the Gulf of Oman, which requires many more ships to move oil to Asia.
Quotes
“A supertanker was recently chartered to sail from the U.S. Gulf Coast to China for $76 million, a source familiar told CNBC, as shipping costs soar globally due to the crisis in the Middle East.”
“The Alexandros was chartered by the trading firm Trafigura and is expected to load around Nov. 19, the source said.”