A supertanker was chartered to sail from the U.S. Gulf Coast to China for $76 million, a source familiar with the matter told CNBC. This price is approximately ten times higher than pre-war rates, which ranged from $7 million to $10 million. The tanker Alexandros, chartered by trading firm Trafigura, is expected to load around November 19. The transportation cost comes to $38 per barrel, assuming a capacity of 2 million barrels. This surge in costs is driven by the conflict in the Middle East, which has caused a shortage of available tankers. Middle East producers have implemented a shuttle system to export oil through the Strait of Hormuz to reduce their exposure to Iranian attacks, requiring significantly more vessels.
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