US oil exports to Asia hit low as freight rates rise Asian refiner orders for US crude oil for delivery in November fell about 50% from the previous month, to 24 million to 26 million barrels. If this rate of order growth continues through the end of the month, it will be the slowest since 2019, according to Kepler and Vortexa. The main reason is the increase in transportation costs. According to the Baltic Exchange, the freight rate of tankers on the line from the US Gulf of Mexico to China has more than tripled since the beginning of the war and reached almost 60 million dollars yesterday. Earlier this month it hit $79.6 million, an unprecedented collapse in a market where the average rate was less than $8 million in the five years before the conflict. Currently, chartering a supertanker for a 30-day voyage costs half the cost of building a completely new ship. These high rates do not include the cost of oil itself, which trades around $100 per barrel. The most important thing is that analysts are skeptical about the possibility of a quick change in the situation.

US oil exports to Asia hit low as freight rates rise Asian refiner orders for US crude oil for delivery in November fell about 50% from the previous month, to 24 million to 26 million barrels. If this rate of order growth continues through the end of the month, it will be the slowest since 2019, according to Kepler and Vortexa. The main reason is the increase in transportation costs. According to the Baltic Exchange, the freight rate of tankers on the line from the US Gulf of Mexico to China has more than tripled since the beginning of the war and reached almost 60 million dollars yesterday. Earlier this month it hit $79.6 million, an unprecedented collapse in a market where the average rate was less than $8 million in the five years before the conflict. Currently, chartering a supertanker for a 30-day voyage costs half the cost of building a completely new ship. These high rates do not include the cost of oil itself, which trades around $100 per barrel. The most important thing is that analysts are skeptical about the possibility of a quick change in the situation.