Supertanker Rates Skyrocket as Asia Rushes to Replace Russian Oil ...Middle East

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Supertanker Rates Skyrocket as Asia Rushes to Replace Russian Oil
source : OILPRICE ( Middle East ) () 52
Supertanker rates on the route between the Middle East and China hit their highest in five years as traders sought alternatives to Russian crude, Bloomberg has reported, citing a daily rate of $137,000 for last Friday. Friday was when the latest U.S. sanctions against Russia’s two top exporters, Rosneft and Lukoil, came into effect, spurring action to secure alternative supplies for Asian markets. The daily VLCC rate represented a 576% increase since the start of the year. VLCC rates on other routes also rose to the highest since 2020, at…

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