Oil Tanker Rates Soar as U.S. and China Escalate Port Trade War
Oil tanker rates have surged due to the escalating trade war between the U.S. and China, with around 13% of the global crude tanker fleet potentially affected.
A two-tier market is emerging between China-compliant and non-compliant vessels, with VLCC rates on the Middle East–China route increasing significantly.
- China has imposed a fee on U.S.-owned, operated, built, or flagged vessels in retaliation for a similar U.S. fee.
- This move threatens to create additional disruptions in global oil flows.
The latest tit-for-tat fees on port callings in the U.S.-China trade spat threaten to create additional vortexes in global oil flows.
Tsvetana, a writer for Oilprice.com, notes that shipowners and charterers are scrambling for clarity amidst the escalating trade tensions.
Author's summary: Oil tanker rates surge amid US-China trade war.