Oil Tanker Rates Surge As Suez Canal Blockage Continues

Oil product tanker rates have surged almost double since a giant container ship ran aground the Suez Canal on Tuesday, blocking traffic on the vital shipping lane. The rates for shipping oil products in the Mediterranean region have almost doubled, while shipping companies have started to divert tankers bound for Asia away from the Suez Canal to the longer route around the Cape of Good Hope in Africa. While efforts continue to dislodge the huge ship the length of the Empire State Building from the Suez Canal, it could be weeks until traffic returns…