The cost of shipping fuel on the Red Sea route has surged due to the blockage caused by Iranian proxies. Clean Tanker rates have reached almost $100,000 a day, the highest since May 2020.
One month ago, when it first became apparent that the Red Sea blockage by Iranian proxies would prove to be a prolonged affair, we warned that ' Red Sea Blockage Means A New Round Of Surging Cost-Push Inflation', which got confirmation just a few days later when we showed the sudden spike in container shipping rates that used the Suez Canal as a transit choke point.
That, as we strongly suspected, was just the beginning, and according to Bloomberg, a key Clean Tanker rate tracked by the Baltic Exchange, has exploded to almost $100,000 a day on the Red Sea disruptions. Specifically, the cost of shipping fuel on a route that mostly hauls naphtha from the Middle East to Japan surged again on Wednesday, with the daily charter earnings climbing 18% to $98,000/day, the highest since May 2020. Meanwhile, earnings for smaller ships sailing from the Middle East to Japan route rose 22% to $75k/day, also the highest since May 202
Red Sea Blockage Shipping Costs Iranian Proxies Clean Tanker Rates
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