Giant Oil Tankers Fuel Global Ship Shortage

The giant oil tankers are competing to head toward the Middle East to take advantage of the rising shipping fees for transporting oil through the Strait of Hormuz, which exacerbates the global shipping vessel shortage and significantly increases shipping costs. More than 40% of the global oil tanker fleet, totaling around 850 tankers, is concentrated in the region, with an increase in component transfers—that is, moving oil to smaller vessels to avoid the risks of transiting the strait. This has caused the number of empty tankers heading to the Atlantic Ocean to be halved and has led to record-high shipping rates, with the cost of shipping from the Gulf to East Asia now exceeding six times what it was before the conflict, with tanker freight charges from the Gulf of Mexico to Japan reaching over $82 million. The shortage of tankers is forcing a heavier reliance on smaller vessels, which raises costs and impacts global oil markets.

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