Global oil shipping costs have risen to about $20 per barrel, while Middle East routes have reached roughly $35 per barrel amid security risks and disrupted tanker flows.
Global freight costs for transporting oil have surged amid the Middle East conflict and the crisis around the Strait of Hormuz. Goldman Sachs estimates that average maritime oil-transport costs have risen to around $20 per barrel from $3 per barrel a year earlier, while Middle East routes have reached approximately $35 per barrel. War-risk insurance, higher fuel expenses and ship-to-ship transfers in the Gulf of Oman are adding to voyage costs.
Source:
ca.investing.comShare this article
Related news
HMM orders eight LNG dual-fuel container ships from South Korean yards
HMM has ordered eight 13,000-TEU LNG dual-fuel container ships in a contract worth about $1.4 billion. HD Hyundai yards will build the vessels, with deliveries scheduled sequentially through 2029.
Asian refiners turn to smaller tankers as freight costs soar
Asian refiners are using Aframax tankers, long-term charters and delivered crude purchases as tanker freight costs approach record levels.
HMM Orders Eight LNG Dual-Fuel Boxships from HD Hyundai for $1.42 Billion
South Korean carrier HMM has ordered eight 13,000-TEU LNG dual-fuel container ships from HD Hyundai. The vessels will be delivered in stages through 2029 under a contract worth about $1.42 billion.