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Oil giants' Middle East race worsens ship shortage
Supertankers are competing to head to the Arabian Gulf to capitalize on the sharp rise in oil transit fees through the Strait of Hormuz, which increases the global ship shortage and doubles shipping costs. With over 40% of the world's oil tanker fleet in the region, coupled with increased reliance on shuttle operations, freight rates have surged significantly, with transportation costs from the Gulf to East Asia exceeding six times pre-conflict levels. Due to the shortage of large vessels, companies are turning to smaller ships such as "Suezmax" and "Aframax," which raises costs and impacts global oil markets. Shipping fees have reached record highs, amounting to approximately $1.4 million per day for transporting oil from the Gulf to Asia, compared to previous weeks' conditions.
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