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Oil supertanker rates surge 807 per cent due to Hormuz disruption · Cyprus Report

Business · Cyprus

Oil supertanker rates surge 807 per cent due to Hormuz disruption

1 sourceFirst reported 47 minutes agoUpdated 47 minutes ago

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Freight rates for very large crude carriers (VLCCs) have surged by over 800 per cent over the past year.
The dramatic increase in shipping costs is driven by disruptions in the Strait of Hormuz that have tightened global oil supplies.
The sharp rise in freight rates is directly impacting and increasing the second-hand values of oil vessels.

Generated by AI from the 1 sources below · always verify with the originals

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All coverage (1)

Oil supertanker rates surge 807 per cent as Hormuz disruption tightens supplyCyprus Mail · 47 minutes ago

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AI summary: catch up in 20 seconds

Freight rates for very large crude carriers (VLCCs) have surged by over 800 per cent over the past year.
The dramatic increase in shipping costs is driven by disruptions in the Strait of Hormuz that have tightened global oil supplies.
The sharp rise in freight rates is directly impacting and increasing the second-hand values of oil vessels.

Generated by AI from the 1 sources below · always verify with the originals