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A supertanker was recently chartered to sail from the U.S. Gulf Coast to China for $76 million, a close source told CNBC, as shipping costs soar globally due to the Middle East crisis.
The Alexandros was chartered by trading company Trafigura and is expected to be loaded around November 19, the source said. A normal rate for the route, based on pre-war levels, would be $7 million to $10 million.
The cost of the trip is $38 per barrel of oil assuming the tanker contains 2 million barrels. Transportation costs soared as the war in the Persian Gulf led to a shortage of available tankers.
Brent crude oil, year to date
Middle Eastern producers use a shuttle system to export their oil through the Strait of Hormuz. A loaded tanker crosses the strait then loads the oil onto another ship in the Gulf of Oman which takes the cargo to Asia.
This system reduces exposure to Iranian attacks and has led to a rebound in crude exports through Hormuz. But it also requires many more ships to extract oil from the Gulf.
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