Industry News
Gulf-to-China Tanker Freight Rates Surge Fivefold Amid Hormuz Shipping Disruptions
Crude oil shipping costs on the TD3C route from the Arabian Gulf to China rose by 406% to reach $229.76 per metric ton at the end of September. The sharp increase in VLCC tanker rates has forced regional crude producers to deepen price discounts to remain competitive in Asian markets. Saudi Arabia reduced its official selling price for Arab Light crude by $3 per barrel for November.
