Middle East crude shipping costs surge on higher freight rates and insurance premiums
Freight rates for modern tanker tonnage have soared almost 40% in the first market test for modern, very large crude carriers loading Middle East crude since last week’s attacks in the Gulf of Oman
By Michelle Wiese Bockmann
Oil companies face higher premiums to ship Middle East crude as freight rates surge and new charter agreements add hefty marine insurance costs to voyages.
But shipowners and maritime security companies cautioned owners and operators against paying for armed security guards to accompany any vessels transiting through the Strait of Hormuz, saying the risk of triggering a major international conflict was too high.
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