Oil & Gas
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Hormuz shutdown doubles Cape traffic and sends tanker rates past $1M a day
Iran is keeping the Strait of Hormuz shut. Ships now sail the long way around Africa, which has doubled traffic past the Cape of Good Hope. The detour and war risk have pushed supertanker day rates near $1.3 million, a squeeze that keeps crude prices and oil producer margins high.
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Hormuz Rerouting Doubles Cape Traffic, Fuels $100B+ LNG Race as Somali Piracy Resurfaces, VLCC Rates Near $1.3M/Day
The whole story · updated
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Reuters
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Puntland forces rescue another hijacked ship from Somali pirates
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Hormuz Rerouting Doubles Cape Traffic Without Delivering a Windfall
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Why WTI Is Suddenly Trading $12 Below Brent