Tanker rates have surged, making delivered oil far pricier than futures prices suggest. A single VLCC charter from the US Gulf Coast to Asia can add about $38 a barrel to the bill.
01Summary
- 01A VLCC charter from the US Gulf Coast to China cost $76 million last week, while another from the US to South Korea cost $77 million.
- 02The article says those trips are about 10 times more expensive than they were less than a year ago.
- 03Assuming a VLCC carries about 2 million barrels, the charter cost adds roughly $38 a barrel on top of the oil price.
- 04The piece says companies moving oil by sea, rail or lorry are paying a premium over the screen price, and costs are still rising.
02Why it matters
The story shows that the headline oil price is not always what buyers actually pay, especially when transport costs jump. That can affect fuel costs, margins and shipping costs for businesses and consumers.
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