Crude freight rates top $20 per barrel, up from $3 a year earlier
The global average rate for seaborne oil transport exceeded $20 per barrel, compared with $3 in the same period a year earlier, according to analysis by Goldman Sachs. The rise began with operational tensions in the very large crude carrier fleet in the Middle East and spread to other ocean routes. Goldman attributes the increase to the war risk premium in the Strait of Hormuz, ship-to-ship cargo transfers, higher marine fuel costs, route diversions and restrictions on the Iranian fleet.
In 35 seconds
- The global average crude freight rate tops $20 per barrel, versus $3 a year earlier
- Goldman Sachs calculates the figure using a 14-day moving average
- The war risk premium in the Strait of Hormuz adds $7 per barrel to the total cost
Read the full story at Inspenet
IASummary generated by artificial intelligence from a story by Inspenet. It may contain errors: the original source prevails.
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