A severe shortage of tanker fleets and geopolitical tensions have pushed oil shipping costs to historic highs, exceeding the cost of a SpaceX Falcon 9 launch.
The global energy transport market has reached a critical point due to a severe tanker shortage and military tensions in the Middle East. The charter cost for a VLCC from the US Gulf to China has hit $80 million, surpassing the $74 million cost of a SpaceX Falcon 9 launch.
Freight rates have surged to $41 per barrel, a nine-fold increase from last year, accounting for 45% of the cargo's value. Analysts note these levels are the highest since the 1960s. Meanwhile, daily earnings for Suezmax tankers have soared to over $680,000.