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06.10.26 - 22:45
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The $1 Million Tanker Was Just The Start: Every Crude Freight Index Hits Record High As Hormuz "Works" Too Well (ZeroHedge)
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The $1 Million Tanker Was Just The Start: Every Crude Freight Index Hits Record High As Hormuz "Works" Too Well
Just when we thought crude tanker rates couldn't go any higher, they did - again.
A week ago, a record million dollars a day charter for a supertanker was the punchline. Now it's the floor: the Baltic Exchange's TD3C, the benchmark Saudi Arabia-to-China VLCC route, hit yet another all-time high of $1.33 million per day on Monday, up 10% on the week and 21 times where it was a year ago!
But the real fireworks are elsewhere. As Lloyd's List's Greg Miller writes, the tanker market's "cascade" effect has gone into overdrive, with record VLCC strength spilling into suezmaxes, and suezmax demand in turn dragging up aframaxes:
Crude tanker markets hit a tipping point in mid-September, surging to a new level as more crude exited the Strait of Hormuz. Over the past three days, rates crossed another tipping point, spiking even higher due to the lagged global 'cascade...
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