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Fuel Shipping Costs Could Top $220k/d: Clarksons

FREIGHT

Oil product tanker utilisation rates could approach 100% should all vessels avoid the Red Sea and divert via the Cape of Good Hope, according to Clarksons, cited by Bloomberg.

  • “Theoretically, LR2 spot rates might soar above $220,000/day,” Clarksons said, adding that this would raise oil prices by $9-$19/b
  • “We believe that cargo price differentials could limit how high freight rates can be in practice,” Clarksons added.
  • Clarksons said that satellite data has so far only seen a 50% fall in Red Sea transits on the year, indicating there is further scope for diversions.
  • Round voyage times for Middle East Gulf – UK for tankers will rise from 59 to 97 days under the diversion.
  • Brokers recently quoted the MEG-UK route at a lump sum of $9m, Bloomberg said.
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