Bloomberg: The cost of renting oil tankers has increased nearly threefold since the beginning of the year.
The cost of renting supertankers for oil transportation has increased nearly threefold since the beginning of the year amid tensions between the U.S. and Iran, and it could reach a decade-high. This is reported by Bloomberg.
According to data from the Baltic Exchange cited in the article, the freight rate for a VLCC-class tanker on the Middle East to China route has already risen to over $151,000 per day, the highest level since the onset of the coronavirus pandemic in 2020.
It is noted that, for example, the rental of tankers from the Gulf of Mexico to China has also reached multi-year highs as charterers face increased oil production amid a shortage of vessels for urgent rental.
The rise in rates is also supported by the concentration of ownership of such vessels. In the last one to two months, the South Korean company Sinokor has acquired or chartered a significant number of supertankers and now controls about 120 of them, the material states.
At the same time, oil prices have been rising for several consecutive days. The price increase continued on Friday amid a deadline set by U.S. President Donald Trump for reaching agreements with Tehran. Prior to this, media also reported that the Pentagon was preparing a military operation plan against Iran, "resembling a full-scale war."
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