ShippingWatch

Oil shippers raise rates for key Middle East route

Tanker ship operators are charging higher rates to carry crude oil from the Gulf to China as the risk factor has escalated after Iran retaliated against the US for killing a top ranking major general.

Photo: GIUSEPPE CACACE/AFP / AFP

Owners of oil tankers are boosting their rates to haul crude on a key route from the Middle East as risks in the Gulf escalate after Iran retaliated against the U.S. killing of a top general.

Some shipowners are offering rates for supertankers carrying crude from the Persian Gulf to China at between 165 and 180 in Worldscale terms, according to shipbrokers and oil traders in Asia. There have been no fixtures reported at that level yet, they said, asking not to be identified because they’re not authorized to speak to the media.

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