Oil Shipping Costs from the Middle East Surge to Record High

Data from the London Stock Exchange Group (LSEG) revealed that the cost of chartering Very Large Crude Carriers (VLCCs) to ship oil from the Middle East to China has surged to an all-time high, exceeding $400,000 per day. This spike comes amid the intensifying conflict between the United States and Iran, and Tehran’s targeting of vessels transiting through the Strait of Hormuz.اضافة اعلان

The data indicated that the benchmark freight rate for VLCCs on this route has risen to $423,736 per day. (Source: Reuters)