NEW YORK: The cost of hauling oil from the US to China has skyrocketed to nearly US$10 a barrel - almost half of what the American benchmark crude is currently valued at - as the price war spurs a rush for ships.
Glencore Plc’s shipping arm provisionally booked very large crude carrier Seeb to ship oil from the US Gulf Coast to China in the first half of May at US$19.5mil, according to shipbrokers and fixtures seen by Bloomberg.
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