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Energy · Singapore ·

Record tanker rates choke US crude flows to Asia

Reported by 1 outlet · under-reported · first reported Oct 24, 5:00 PM ET

The cost of shipping crude from the US Gulf Coast to China reached as much as $80 million per voyage this month, OilPrice reported. That is about ten times the usual rate. The Iran war has cut the number of available tankers. In Singapore, high-sulfur fuel oil now costs more than the crude used to make it.

Why it matters

Higher shipping and fuel costs raise prices for goods traded across Asia.

Background

War with Iran has disrupted tanker traffic in the Gulf. Ships now take longer routes, so fewer are available.

The story so far

  1. Hormuz crisis keeps oil high and squeezes shipping fuel
  2. Record tanker rates choke US crude flows to Asia

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Sources

This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.

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