Tankers Shortage Tightens Global Oil Flows
Bloomberg reports a global shortage of available supertankers is driving freight costs to levels that are making long-haul crude trades uneconomical, threatening to disrupt oil flows as refiners shift to nearer barrels; on routes like Persian Gulf to China, very large crude carriers can earn over $1.2 million a day, and shipping a Houston-to-Asia cargo now adds about $26 per barrel ($52 million per voyage) to supply costs, prompting shifts to shorter routes and tighter diesel/gasoline markets.