Yesterday I wrote about what the Middle East war might mean for tanker markets. Within hours, the market provided its own answer.
Splash reported that several Suezmaxes were fixed at rates north of $300,000 per day for Middle East Gulf loadings eastbound. Reuters, Bloomberg and other sources confirmed that major marine insurers — including leading P&I clubs — have cancelled war-risk cover for vessels operating in Iranian waters and parts of the Gulf.
Freight has spiked; insurance has fractured; risk is being repriced in real time. The visible symptom is the steep spike in oil tanker earnings. The deeper question is: what happens if Gulf crude exports are materially disrupted for more than a few weeks? And the country most exposed to that scenario is not the United States or in Europe. It is China.
Read more here.
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