Global News Summary - October 26, 2024
Tanker rates for refined oil products from the Middle East have increased significantly. This surge is attributed to the escalating tensions between Israel and Iran, making fuel transport through the Strait of Hormuz more hazardous.
The cost to ship fuels from the Middle East to East Asia rose nearly 20% in just three sessions. Rates to East Africa experienced an even greater jump, increasing by over 40%.
Tanker owners and managers have been temporarily halting vessel offers in the Middle East. This is due to the ongoing hostilities between Israel and Iran, which show no signs of abating.