The available fleet capacity proves insufficient to meet the needs, said Russell Hardy, CEO of Vitol Group, the largest oil trader in the world, at a conference, adding that "prices are skyrocketing." #petrol #transportmaritim #economiebancara (translated)
The cost of renting an oil tanker from the USA to China has risen so much that it now exceeds the cost of launching a rocket into space, reaching up to 80 million dollars, due to a global capacity shortage and the risks associated with traversing the Strait of Hormuz. #petrol #transportmaritim #economiebancara (translated)
