{
  "id": 16127840,
  "title": "Oil tankers sailing US-China route are commanding US$60 million and it is crushing demand",
  "url": "https://urgent.news/2026/10/23/oil-tankers-sailing-us-china-route-are-commanding-us-60-million-and",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T00:15:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/oil-tankers-sailing-us-china-route-are-commanding-us60-million-and-it-is-crushing-demand"
  },
  "original_language": "en",
  "account": "American crude oil exports to Asia have plummeted to multi-year lows following the Iran war, which has disrupted global shipping and driven the cost of leasing a tanker for the Pacific route to nearly US$80 million. Asian refinery orders for US crude in October fell by about 50% to 24 million to 26 million barrels compared to the previous month, indicating a seven-year low. The tanker rate along the US Gulf Coast to China route has more than tripled since the US-Iran conflict began in late February, reaching almost US$60 million as of October 22. This unprecedented rate is equivalent to half the cost of building a new vessel and does not include the price of the oil itself, which is trading around US$100 a barrel. The high freight costs are squeezing the economics of long-haul routes, making it more expensive for Asian buyers to source crude from the US Gulf Coast.",
  "summary": "The tanker rate along the US Gulf Coast-to-China route has more than tripled since the US-Iran conflict erupted in late February.",
  "key_points": [
    "US crude oil exports to Asia hit multi-year lows",
    "Tanker rates along US-China route tripled to $60M",
    "High freight costs strain long-haul routes economics"
  ],
  "editors_take": "Skyrocketing freight costs are undermining the economic viability of long-haul energy trades, forcing Asian refineries to abandon American crude in favor of more affordable shipping alternatives.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Bloomberg",
        "title": "Oil Tankers Plying the US-China Route Command $60 Million. It’s Crushing Demand.",
        "url": "https://urgent.news/2026/10/22/oil-tankers-plying-the-us-china-route-command-60-million-its-crushing",
        "published": "2026-10-22T19:46:56.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}