business π’ Middle East oil crisis sends tanker prices soaring
Demand for tankers from Middle Eastern oil producers has driven prices to an all-time high, as reported by the Financial Times today. This surge is happening because oil-producing nations are using their own fleets amid fears over the Strait of Hormuz. Prices for new and second-hand VLCCs hit over $130 million in the second quarter of the year. ADNOC recently bought six supertankers and five very large gas carriers for a combined $1.3 billion to secure exports. The UAE's major plans further investments in second-hand vessels to support its group companies. π’