MOSCOW, Oct 22 (Bernama-Sputnik/RIA Novosti) -- Oil tanker rates from the Persian Gulf to Asia on large tankers have increased fivefold compared to levels before the West Asia conflict, the International Energy Agency (IEA) said, reported Sputnik/RIA Novosti.
World : Oil Tanker Rates From West Asia To Asia Increased Fivefold - IEA
oil tanker rates, west asia, asia, increase, iea
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Key takeaways
The IEA reports that oil tanker rates from the Persian Gulf to Asia have risen fivefold since the West Asia conflict began, reaching historic highs due to route disruptions and reduced fleet efficiency.
- Shipping costs from the Middle East to Asia exceeded US$37 per barrel by mid-October.
- Vessel congestion in the Strait of Hormuz and rerouting have significantly increased delivery times.
- Charterers are splitting cargoes across smaller Suezmax and Aframax vessels, boosting demand for these classes.
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