Supertanker Costs Soar, Driving Up Global Freight Rates Amid Energy Shock

The cost of hiring a supertanker from the Gulf to Asia has recently exceeded $1.2 million per day, a dramatic increase from approximately $30,000 in January. This surge has caused freight to rise from about 3% to roughly 27% of the delivered price of a barrel of oil, indicating a significant impact on global energy markets and trade costs.