WASHINGTON – According to an industry and shipping update, the cost of chartering a Very Large petroleum Carrier (VLCC) to transport US petroleum to Asia has reached an all-time high of around USD 44.8 million per voyage. Due to intensifying maritime hostilities and severe supply corridor interruptions along Middle Eastern transit routes, Asian importers are increasingly being pushed to seek long-haul alternative energy cargoes from the US Gulf Coast in order to keep regional refineries functioning. This unprecedented increase in transpacific freight tariffs continues to raise import logistics surcharges, input feedstock costs, and total supply chain expenses in Asian energy and manufacturing industries.
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(Source: The Star)