The cost of chartering a supertanker to transport crude oil from the US Gulf of Mexico to China has reached a record $29 million, double the figure from two weeks ago. The sharp increase in logistics costs is due to the escalation of the conflict between the US, Israel, and Iran, which has effectively halted shipping through the strategically important Strait of Hormuz. This is reported by Bloomberg, writes UNN.
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Due to the blocking of traditional routes, Asian refineries are forced to reorient themselves to American raw materials, but exorbitant freight prices are already leading to the disruption of large commercial agreements.
Impact of shipping costs on pricing and market premiums
According to the Baltic Exchange in London, the cost of delivering one barrel of oil is currently about $14.50, which is almost 20% of the value of West Texas Intermediate futures.
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This situation has provoked a sharp increase in premiums for American crude oil grades, particularly Mars Blend, to their highest level since 2020. The global energy industry is in shock, as logistics costs are beginning to outweigh the economic benefits of purchasing raw materials in the Atlantic basin.
Disruption of contracts and instability in the supertanker market
The excessive cost of chartering vessels is already forcing some buyers to abandon previous agreements due to the unprofitability of deliveries.
In particular, the Thai refinery PTT canceled a $29 million supertanker booking shortly after the deal was concluded. Industry experts note that such cancellations are becoming widespread during periods of sharp jumps in transportation profitability, which adds even more chaos to the global energy market.