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Saudis' oil tanker spree drives 700 percent surge in ships' earnings

Saudi Arabia is chartering tanker vessels big-time as the oil kingdom prepares to unleash a flood of crude oil, a development that makes tanker freight rates soar.

Photo: PR / Euronav

Saudi Arabia is snapping up more and more oil tankers as the kingdom prepares to flood the world with crude causing a surge in the cost of transporting crude.

The world’s largest exporter, which began hiring extra ships almost as soon as a pact with Russia to limit oil supplies fell apart, has now provisionally hired 25-30 giant carriers to load late this month or early next, according to six shipbrokers and executives involved in the market. It’s rare for Saudi Arabia’s state tanker company to book other companies’ ships as it’s doing now. The cargoes in question would be enough to supply France for about a month.

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