Record tanker rates cut US crude exports to Asia

· Shipping · United States · Iran

US crude oil exports to Asia are set to fall to multi-year lows after the Iran war disrupted global shipping, with the cost of leasing a tanker for the Pacific voyage reaching a record of almost $80 million, according to gCaptain. The surge in freight costs makes the long-haul route uneconomic for US barrels, shifting trade flows and leaving Asian refiners to look for alternative supply. The development illustrates how conflict-driven shipping risk is now reshaping global oil trade patterns rather than simply adding a temporary premium.

Why it matters：Freight costs are now decisive enough to rewire oil trade flows, putting tanker owners, Asian refiners and US exporters at odds over who absorbs the risk.

Key points

  • Leasing a tanker for the Pacific run costs nearly $80 million, a record
  • US crude flows to Asia are expected to hit a seven-year low
  • The shift follows shipping disruption caused by the Iran war

Sources (original reporting)

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