Oil tanker hiring rates reach five-year high amid sanctions
after close1 source ↓written by the desknot a recommendation
- Rates nearly hit
- $137,000 per day
- multiple routes reached
- $116,400 per day
The cost of hiring oil tankers has surged, with VLCC rates up 576% this year. Rates nearly hit $137,000 per day, the highest since April 2020, driven by US sanctions on Russian oil exports from Rosneft and Lukoil. Increased demand for Middle Eastern crude is also contributing to this spike, indicating a shift in global oil logistics.
• VLCC rates across multiple routes reached $116,400 per day.
• Demand for supertankers is rising, with bookings for late November and December increasing significantly.
Not investment advice. For informational purposes only.