Global crude shipments face tanker shortage
The shortage of giant oil tankers is threatening global crude shipments in an unprecedented way, leading to a significant rise in shipping costs and rendering some long-distance deals uneconomical. The limited availability of tankers for leasing has increased the cost to transport a barrel of oil from Houston to Asia by about $26, amounting to approximately $52 million per shipment. Consequently, Brent crude oil prices approached $110 per barrel amid rising costs. This shortage is putting pressure on the refining sector, as costs escalate and the appeal of long-distance voyages diminishes. At the same time, oil flows between the United States and Asia have significantly decreased, shipping company profits have reached record levels, and these developments are having direct effects on the global oil market.
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