The supertanker market has tightened as crude supply rises, leading to empty maiden voyages for new VLCCs from Asia to the Middle East, Americas, and Africa. Six tankers traveled empty this year, up from one last year. Daily rates have surged by 467% due to route disruptions and sanctions, with no weakness in vessel rates for transporting commodities. Oil tanker rates have skyrocketed by 467% on key shipping routes, hitting a five-year high between the Middle East and China. Rates for smaller tankers have also shot up due to traders seeking alternatives to Russian crude after sanctions on major Russian oil producers. Tanker rates have been climbing for over a month due to sanction-related disruptions that led to a surge in oil in transit.

Read more at Yahoo Finance: Oil Tanker Rates Skyrocket 467%