
Freight is now a quarter of the barrel
The Middle East Gulf to China VLCC benchmark reached $1.2125m a day on 17 September, ten times its level before February, and moving a US Gulf cargo to Asia costs roughly $26 a barrel. Vortexa data already shows Americas-Asia crude flows turning down, and Suezmax earnings have passed $300,000 a day as refiners split cargoes to avoid the largest ships.
VLCC Freight Adds $26 a Barrel and Starts to Shrink US Gulf-Asia CrudeFull story · Industry





