Oil Tanker Rates Hit Record $1.33 Million on Saudi Arabia-China Route

Oil tanker rates on the benchmark Saudi Arabia-China route stood at a record $1.33 million a day as of 7:59 a.m. ET (11:59 UTC) Wednesday, Oct. 7, setting a new high as shipping costs climbed on a key crude trade lane.

The latest rate surpassed the previous high of $1.27 million reached Sept. 21. The earlier record for very large crude carriers came as Saudi Arabia rerouted crude through the Strait of Hormuz.

The new figure highlights continued pressure in the market for tankers serving shipments from Saudi Arabia to China. The rate measures the daily cost of hiring a tanker on the route.