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Supertanker Rates Hit Record $1.4 Million a Day

The oil crisis has extended into the shipping sector with a large tanker fleet tied up in ship-to-ship transfers outside the Strait of Hormuz, pushing global freight rates to record highs and reducing vessel availability for other routes. Supertanker rates have soared in recent weeks, and hit a record-high of $1.4 million per day on the Gulf to East Asia trip, according to data compiled by Bloomberg. Rates on the U.S. Gulf-to-Japan route are also skyrocketing and one supertanker, the so-called very large crude carrier (VLCC) capable of shipping…