Mideast Chaos Sends Supertanker Rates Soaring To Near Record $1 Million A Day

Supertanker rates on the Baltic Exchange’s benchmark Middle East-to-China shipping route have jumped to nearly $1 million a day. The jump in tanker rates comes as the Bab el-Mandeb Strait in the southern Red Sea falls further under the control of Iran-backed Houthi rebels, while the Strait of Hormuz remains highly contested, an indication that two critical maritime chokepoints are…