ReportedShipping, energy & marketsU.S. Gulf Coast to China
VLCC charter rate from the U.S. to China eases from record high
- Mountain Time
- Local time
- 7:00 AM UTC
- Where
- U.S. Gulf Coast to China
The daily rate to charter a very large crude carrier from the U.S. Gulf Coast to China eased to $634,974, after exceeding $637,000 on October 8, according to Baltic Exchange data cited in reporting. The report linked elevated freight costs to Middle East disruptions and ship-to-ship transfers used to route oil around the Strait of Hormuz.
Why it matters
Higher freight costs can make U.S. crude less competitive in Asia and increase delivered oil costs even when cargoes bypass the Strait of Hormuz.
Source
- OilPrice.comoilprice.comPublished
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