A supertanker named Alexandros was chartered by Trafigura for a staggering $76 million to transport oil from the U.S. Gulf Coast to China, significantly higher than the pre-war rate of $7 million to $10 million. This cost translates to approximately $38 per barrel of oil, assuming the tanker carries 2 million barrels.
The surge in shipping costs is attributed to the ongoing crisis in the Middle East, which has resulted in a shortage of available tankers. Middle Eastern oil producers have adapted by employing a shuttle system to export oil through the Strait of Hormuz, where tankers transfer their cargo to other ships in the Gulf of Oman to minimize the risk of Iranian attacks.
While this method has allowed for a rebound in crude exports, it necessitates a greater number of vessels, further straining shipping resources and contributing to rising costs