Industry News
US-China Tanker Freight Surges to $76 Million Amid Middle East Shipping Constraints
A supertanker chartered by commodity merchant Trafigura to transport crude from the U.S. Gulf Coast to China was fixed at an unprecedented $76 million. Middle East producers' ship-to-ship shuttle transfers in the Strait of Hormuz have restricted global fleet availability. On a 2-million-barrel cargo, the freight cost equates to approximately $38 per barrel.
