A growing number of Asian oil refiners are looking to hire smaller vessels to carry crude from the Persian Gulf after a Saudi Arabian booking spree spurred a surge in supertanker rates.
The cost of shipping oil on Very Large Crude Carriers on the widely referenced Middle East to China route has jumped around 350% over the past week. However, chartering rates for smaller Suezmax and Aframax vessels haven’t caught up yet, with the cost to hire an Aframax up just 34% over the period.
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