world-economy

Supertanker Books at 897% Premium as Persian Gulf Vessel Shortage Persists

A supertanker has been provisionally chartered to move crude oil from the Persian Gulf to India at rates nearly nine times the benchmark freight cost, underscoring severe vessel scarcity in one of the world's most critical oil transit corridors. The astronomical rate reflects lingering supply chain disruptions as geopolitical tensions ease following regional conflicts. Shippers remain anxious about future costs, driving early bookings to lock in current pricing before potential surcharges take effect. Global capacity is gradually returning across major trade routes as carriers rebuild networks. Yet freight rates remain elevated despite falling fuel expenses. Spot rates on key Asia-U.S. West Coast lanes held steady at $4,836 per FEU in recent weeks. Industry observers expect rate volatility to persist for months ahead as supply normalcy returns.