Tanker Market: Freight Rates Increasing Again

🌐 Hellenic Shipping News (Greece) —

AI Summary

Freight rates in the tanker market are increasing due to extended transit times affecting global oil flows. Heightened risk in the southern Red Sea follows a naval blockade declared by the Houthis against Saudi Arabia.

A renewed increase of transit times is adding to global oil flows, leading to higher tanker rates. In its latest weekly report, shipbroker Gibson said that “with the Houthis declaring a full naval blockade specifically against Saudi Arabia on 20 July and threatening any vessel calling at Saudi ports, the southern Red Sea faces heightened ...

Security Markets Energy Shipping tanker freight rates southern Red Sea Houthis Saudi Arabia oil transit naval blockade

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