U.S.-Asia oil shipping rates slip from record highs as tanker fears ease [Reuters]
Occidental Petroleum Corporation (OXY)
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Source: Reuters
U.S.-Asia oil shipping rates slip from record highs as tanker fears ease - Reuters 4 Min Read HOUSTON/NEW YORK/LONDON (Reuters) - Freight rates to ship U.S. crude to Asia eased on Tuesday from record levels as the shock of a global tanker shortage due to U.S. sanctions on a Chinese firm began to fade, according to market sources. Shipping U.S. crude to some of the largest Asian customers became unprofitable after costs rose as high as $11 a barrel in the past two weeks, threatening to crimp November shipments. In late September, the United States imposed sanctions on two units of China’s COSCO, which operates more than 50 supertankers. Washington alleged that the units violated U.S. sanctions on Iran. Freight rates for supertankers surged across the globe to ship oil, particularly to Asia. As of Tuesday, the assessed rate for chartering a supertanker from the U.S. Gulf Coast to Singapore fell by $2 million to $17.2 million, or about $8.50 per barrel, according to tanker market data pu
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OXY
Earnings
- 2/14/24 - In-Line
OXY
Sec Filings
- 4/17/24 - Form PX14A6G
- 4/10/24 - Form 8-K
- 3/21/24 - Form 4
- OXY's page on the SEC website