Global oil shipping costs surge to extreme levels

The cost of transporting crude oil across major global routes has surged, dramatically changing the economics of long-distance energy trades.
Shipping one barrel of crude from Houston to Asia now reportedly costs about $26, equivalent to roughly a quarter of the oil's value. A supertanker carrying crude to China can earn more than $1.2 million per day at current rates.
Freight costs that were once a relatively small component of a cargo can now make some long-haul trades uneconomic. Meanwhile, the combined market value of major tanker owners has reportedly reached a record $70 billion as elevated shipping rates boost industry earnings.