Oil tanker rates plunge 44% as shipping resumes through Strait of Hormuz
By
Alex Longley
9d ago· 1 min readenNews
Summary
Oil tanker earnings have plunged by 44% in a matter of days, dropping from over $514,000 on Tuesday to about $287,000 on Friday, as more ships become willing to enter the Strait of Hormuz. The dramatic swing caps a volatile week for the crude shipping market, though current rates remain highly profitable for shipowners. The recent drop is four times larger than last year's average daily earnings.
Source
bskyOil tanker rates plunge 44% as shipping resumes through Strait of Hormuzbloomberg.comKey quotes
· 3 pulledOil tanker earnings tumbled as more ships are willing to enter the Strait of Hormuz, capping a dramatic week of swings in costs to hire the world's biggest crude carriers.
Hiring a supertanker to haul 2 million barrels of crude oil from Saudi Arabia to China cost about $287,000 on Friday, down 44% from more than $514,000 on Tuesday.
While the latest level is still massively profitable for shipowners, the drop seen in recent days is four times larger than last year's average daily earnings.
Oil tanker earnings tumbled as more ships are willing to enter the Strait of Hormuz, capping a dramatic week of swings in costs to hire the world’s biggest crude carriers.
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