Cost of shipping US crude to Asia hits record $44.8 million

The cost of chartering a very large crude carrier to transport 2 million barrels of US crude from the Gulf Coast to China surged to a record $44.8 million amid Middle East supply disruptions.

The all-time high shipping cost increased sharply from $39 million the previous day and roughly $17.8 million before the conflict in Iran began in late February.

Research firm Kpler data indicates six VLCCs are scheduled to load crude from the US Gulf Coast for Asia in October.