The U.S. blacklisting of the Cosco tankers set tanker freight rates on fire, but maritime fundamentals will keep prices high
By Costas Paris Nov. 3, 2019 8:00 am ET Crude oil exporters and users probably should get used to high shipping costs.
With tankers harder to find, daily freight rates jumped from $18,500 a day to almost $300,000 within two weeks. Demand for heating oil in the Far East and Europe peaked at about the same time, adding to the pricing pressure.Rates have since backed down to between $80,000 and $90,000 a day for tanker charters, still well above the average $25,000 break-even levels. Owners haven’t seen rates this high in more than a decade.
“Cargo bookings from the U.S. Gulf continue growing,’” said George Lazaridis, head of research at Athens-based Allied Shipbroking. “America is pumping more oil and sanctions against Iran, Venezuela, and the Cosco tankers collude for a buoyant tanker market in the medium-term.” Frontline estimates some 240 tankers, or 2.2% of the global fleet, will be out of action over the next six months to be retrofitted with scrubbers that cut sulfur emissions.
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