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Oil tanker shipping costs surpass $1.2M
The cost of shipping giant oil tankers along the Middle East and Asia route has exceeded $1.2 million per day, due to escalating tensions around the Strait of Hormuz and the Iranian conflict. Shipping rates have doubled since the end of August, with charter costs rising from $20,000–$50,000 to $120,000 daily in February, amid structural cargo shortages and a complicated security situation prompting Asian refineries to seek alternative oil sources. Additionally, these costs account for between 20% and 40% of the final oil price, highlighting the impact of geopolitical tensions on the maritime oil transportation market.
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