For a sign of just how extraordinary oil shipping costs have become, consider this: It’s now more expensive to hire a tanker from the US to China than to launch a rocket into space.

By Salma El Wardany Oct 4, 2026 (Bloomberg) –Iraq’s state tanker company arranged a very large crude carrier to transport 2 million barrels beyond the Strait of Hormuz, marking a move...

For most of shipping history, the valuation equation has been straightforward. A ship leaves the yard, begins ageing and progressively loses value. New steel commands the premium. Older steel trades at a discount.