Cost to Ship a VLCC Through Hormuz Hits $20 Million, TotalEnergies CEO Says

By Mitchell Ferman and Alex Longley (Bloomberg) — The cost of shipping oil cargoes on a supertanker through the Strait of Hormuz is about $20 million, the boss of TotalEnergies SE said, underscoring the wide margins to be made by traders and shipowners. 

TotalEnergies Chairman and Chief Executive Officer Patrick Pouyanne said the company is buying barrels at $50 to $60 inside the Persian Gulf as producers are desperate to get their supplies onto the market following six months of conflict. The additional freight costs for a supertanker equate to about $10 a barrel, he said. Benchmark Brent futures were trading above