The cost of transporting oil by sea has soared

The cost of shipping oil has soared due to attacks by Yemen’s Houthis. About this with reference to data from the Baltic Exchange in London reports Bloomberg.

Due to the conflict in the Red Sea, the rental of an oil tanker to deliver refined products from the Middle East to Japan rose in price by three percent, to 101 thousand dollars per day. This is a new record for shipping since the pandemic, when a glut in the market led traders to store oil on ships.

The need to go around the African continent, bypassing the Bab el-Mandeb Strait and the Suez Canal, leads to the fact that ships have to travel long distances. According to the site, tankers, depending on their size, earn from 97 to 117 thousand dollars a day on the transit of oil from the Middle East to Europe.

According to market participants, due to rebel attacks can grow significantly delivery times of energy resources. Liquefied gas shipments from Qatar V UK Bypassing the African continent it will take about 27 days, which will lead to an increase in prices.

Houthi attacks forced more than 500 container ships to reconsider cargo delivery routes. The ships transported various categories of products, from clothing and toys to automobile parts. As a result of massive changes in routes, travel time will increase by an average of two weeks, which may lead to an increase in the final cost of delivered types of products, Bloomberg analysts concluded.

According to the leader of the Houthi group Ansar Allah, Abdul-Malik al-Houthi, the movement won’t stop attacks until humanitarian aid arrives in the Gaza Strip. Former Houthi military spokesman Yahya Saria announced that rebel forces had forced American merchant ships to retreat from the strait.

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