Whalesbook
Oil supertanker hire costs have surged to over a five-year high, with rates on a key route jumping 576% this year to nearly $137,000 daily. This surge is driven by buyers seeking alternatives to sanctioned Russian crude, following US penalties on Rosneft PJSC and Lukoil PJSC. Increased supply from Middle East and US producers also contributes. This shift has led to more bookings for oil transportation, boosting tanker earnings and affecting smaller vessels too.