Shipping a Barrel From the Gulf to Asia Now Costs $49.42, Up 15x in Nine Months

Key points

Freight and insurance for a VLCC, Middle East to East Asia, $/barrel ｜ Up from $3.24 in January to $49.42 in October (freight $37.13 plus insurance $12.29), rising to 30% of the delivered cost from 5%

Image source: @jackprandelli