The cost of transporting U.S. crude oil to Asia by very large oil tankers has reached a record high of $44.8 million.

According to data released by the Baltic Exchange, as of this Tuesday, leasing a Very Large Crude Carrier (VLCC) to transport 2 million barrels of crude oil produced in the US Gulf of Mexico to Asia costs approximately $44.8 million, setting a new record high. This surge in freight rates is driven by multiple factors: on one hand, global demand for cross-regional crude oil transportation has remained strong recently, with Asia’s purchases of American crude oil staying at high levels; on the other hand, there is a temporary tightening of tanker capacity, combined with factors such as shipping channel efficiency and fluctuations in fuel costs, all of which have collectively pushed up transportation costs on this route. The increase in transportation costs will also, to some extent, impact the circulation pattern of crude oil trade, and the future trends in pricing and capacity allocation are receiving widespread attention in the industry.