Khaberni - The global energy market is experiencing an unprecedented growth in logistics costs, with the cost of transporting oil from the United States to Asia reaching record levels, leading to disruption of traditional supply chains.
This is due to the escalating conflict in the Middle East, which has paralyzed major shipping movements and forced buyers to look for alternatives.
The cost of chartering a super tanker to transport two million barrels of crude oil from the Gulf Coast of the United States to China exceeded $29 million.
In just two weeks, shipping costs doubled, and the cost of shipping a single barrel now reaches about $14.50, nearly 20% of the price of futures contracts for West Texas Intermediate crude.
Prices of West Texas Intermediate and Brent crude sharply increased following the American and Israeli attack on Iran, effectively paralyzing navigation through the Strait of Hormuz, a vital artery for oil tankers coming from the Gulf region. Consequently, Asian consumers collectively shifted to buying crude oil from the Atlantic Basin, especially American crude, leading to a rapid increase in price premiums compared to benchmark prices. For example, the price premium of Mars Blend crude over WTI reached its highest level since 2020, according to General Index data.
The increase in demand and the shortage of available ships led to a rise in revenues for super tankers on the Middle East - China route to $475,000 US dollars per day. However, actual transactions on this route are practically nonexistent due to the closure of the Strait of Hormuz. This is the first time such a severe shortage of ship load is observed, where renters are now paying daily rates for oil tankers that match the cost of chartering the latest floating drilling platforms.
