Why U.S. Supertanker Rates Are Spiking ...Middle East

After sinking to fresh lows in the early part of the year, freight rates for U.S.-loading supertankers have skyrocketed as Asian refiners turn to the U.S. market amid production cuts elsewhere. Average spot rates for older very large crude carriers (VLCCs) climbed to $83,300 per day while rates for newer and more fuel-efficient VLCCs hit $91,000 per day. VLCCs are super-massive tankers that carry 2 million barrels of oil.Shipping rates tend to rise during periods of heightened demand or geopolitical tensions. Operators demand higher compensation…

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