Sources: Freight prices jump with the leasing of 14 Saudi ships after increasing production


The Saudi National Shipping Company has leased up to 14 supertankers initially to ship crude oil to clients around the world, as the Kingdom begins to implement its pledge to increase crude oil production.

Sources in the shipping sector said that the boom in Bahri Reservations, which owns a fleet of 42 huge crude carriers, contributed to the increase in freight rates on giant carriers more than twice as much amid “rental fever” this week.

According to several sources in the field of maritime brokerage, the price of hiring giant tankers on the Gulf-China pipeline more than doubled to about 70 thousand dollars per day today, Wednesday, from about 30 thousand dollars on Monday.

Both Saudi Arabia and Russia said they would increase production at the weekend after a three-year agreement between them and other major oil producers collapsed on Friday, pushing global crude prices down.


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