Saudi Shipping Giant Rents Supertankers as Freight Costs Skyrocket ...Middle East

Bahri, the national shipping carrier of the world’s top crude exporter, Saudi Arabia, has provisionally chartered at least five supertankers to ship oil to Asia amid soaring tanker rates not seen in six years.  Bahri has hired at least five very large crude carriers (VLCCs), the supertankers capable of shipping 2 million barrels of crude each, as daily rates on the key Middle East-to-China route surged above $200,000 for the first time since 2020, Bloomberg reports. The freshly chartered supertankers are expected to ship Saudi crude…

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