Global Oil Tanker Shortage is Getting Worse By the Day
For a sign of just how extraordinary oil shipping costs have become, consider this: It’s now more expensive to hire a tanker from the US to China than to launch a rocket into space.

CAIRO, June 4 (Reuters) – An oil tanker that suffered engine failure in Egypt’s Suez Canal, briefly disrupting traffic in the vital waterway, has been towed away, the canal’s authority said on Sunday.
The canal authority’s head, Osama Rabie, said in a statement that traffic in both directions had resumed as normal after tugboats managed to move the stranded tanker.
The crude tanker, SEAVIGOUR, is a Malta-flagged vessel that was built in 2016, according to Refinitiv Eikon shipping data.
It was heading from Russia to China, the canal authority added.
Frequent traffic disruptions occur in the Suez Canal due to technical malfunctions, but stoppages are usually brief.
Less than two weeks ago tugboats had to move a bulk carrier that had been stranded for several hours in the canal.
(Reporting by Hatem Maher; Editing by Emelia Sithole-Matarise and Hugh Lawson)
(c) Copyright Thomson Reuters 2023.
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