The cost of renting a tanker to pass through the Strait of Hormuz on the route to transport oil from the Persian Gulf to China has, for the first time, exceeded one million dollars per day. This increase in cost is due to a shortage of tankers willing to pass through the Strait of Hormuz and changes in the transportation methods of oil shipments.
Increase in oil transportation costs
According to reports, the cost of transporting crude oil from the Sea of Oman to China has also reached about 644 thousand dollars per day. This situation reflects serious impacts on the global oil market and the associated transportation costs. The shortage of tankers and price fluctuations have created new challenges for oil companies and traders.
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Factors influencing the increase in costs
The U.S. Navy, due to heavy air support costs, has requested passing tankers to only transit through the Strait of Hormuz during limited time frames. This decision has directly impacted transportation costs and led to price increases. On the other hand, the average income of supertankers has increased by more than 40 percent since the beginning of September, indicating a rise in demand for the services of these types of tankers.
This increase in costs could have various consequences for the oil market and its global pricing. Given that the Strait of Hormuz is one of the vital routes for crude oil transportation, any changes in the conditions of this area could have profound effects on supply and oil pricing.
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