Supertankers rake in the most money since 2020 on exports from the United States and the Middle East
- The benchmark daily rate for oil supertankers approached $40,000 on Wednesday, according to data from Bloomberg.
- This is the highest rate since June 2020 and comes amid rising crude exports from the Middle East and the United States.
- Changing ship routes amid Russian sanctions has lengthened the voyages of some supertankers.
Giant tankers have brought in the most money since June 2020 as exports from the United States and the Middle East increase, according to data compiled by Bloomberg.
The benchmark daily rate for supertankers hovered around $40,000 a day on Wednesday, and shipowners told Bloomberg the spike stemmed from an increase in cargoes from the Middle East and the United States.
Sanctions on Russia have redirected global crude flows, leaving some tankers with much longer distances to travel in recent months.
U.S. crude exports have soared as they try to make up for missing Russian barrels. New data from the Energy Information Administration revealed that US exports hit a new high of 5 million barrels per day last week.
Meanwhile, separate figures from Bloomberg show oil flows from the Middle East increased in July.
Even more oil could come from the Middle East if the Iran nuclear deal is revived. However, Goldman Sachs said the United States and Iran may have less incentive to strike a deal than some expect, and that Moscow could also threaten a deal.
A stalemate, Goldman Sachs analysts wrote on Tuesday, is “mutually beneficial” to the United States and Iran, and so oil markets may have gotten ahead.
But even if a deal does materialize, Iran would take about a year to fully ramp up production, Goldman said.