Surge In Tanker Rates May Further Curb US Oil Exports To Asia

Oct 11 14:10 2018 Print This Article

Rising shipping rates have increased the costs of shipping oil from the United States to Asia and may further the restrict the flow of U.S. oil to the region later this year, multiple trade and shipping sources said on Oct. 11.

Freight rates for tankers that carry crude oil have soared globally, buoyed by peak seasonal demand, weather disruptions and higher bunker fuel costs, the sources said.

The cost of chartering a Very Large Crude Carrier (VLCC) capable of carrying 2 million barrels of crude from the U.S. Gulf coast to South Korea and Japan rose to above $7 million this week, $1 million to $2 million higher than the previous week, according to a shipbroker.

Read More

About Article Author

Oil and Gas Investor

OilandGasInvestor.com is your complete source for information about the financial world of oil and gas. An interactive, searchable version of Hart Energy Publishing's Oil and Gas Investor Magazine, this site also provides online content from OGI This Week and A&D Watch. In addition to providing daily analysis of trends and industry events, their editors interpret the news to highlight opportunities for investors. Since 1973, the company has been recognized for its expert coverage of the global energy industry through its highly respected, award-winning magazines, newsletters and directories, conferences, consulting services and online resources. With representation in the upstream, midstream, and downstream sector, Hart Energy takes the lead in providing original and timely data through its numerous products and services.

Related Items

US REITs Suffer Biggest Weekly Loss So Far In 2019

Real estate investment trusts (REITs) in the US tumbled last week, posting the biggest setback for the major asset classes during the shortened trading week that ended on April 18, based on a set of exchange traded funds. The loss, the deepest for this corner of the market since a plunge late last ...

EUR/USD – Euro yawing on Easter Monday, but U.S oil sanctions could rattle markets

German banks are closed for the Easter Monday holiday and EUR/USD is almost unchanged. Currently, the pair is trading at 1.1249, up 0.03% on the day. There are no German or eurozone events on the calendar. In the U.S., there is just one release. Existing home sales is expected to slow to 5.31 mill ...

Iran sanctions waivers hit sentiment in Asia

  Speculation that the US is about to announce the end to the Iran sanctions waivers later today boosted oil prices and took the shine off risk appetite that had remained buoyant into the close of trading last week.   Oil prices surge West Texas Intermediate (WTI) climbed 2.5% during  the Asian ...

Macro Briefing: 22 April 2019

Death toll in Easter bombing in Sri Lanka rises to 290: CNNTrump administration set to end waivers for nations importing Iranian oil: ReutersOil prices rise as market prepares for end of Iranian import waivers: CNBCComedian Zelensky wins presidency in Ukraine: BBCHouse Oversight Committee Chairman ...