The Risks to the Suez Canal Sets the Stage for Falsely Hyping The Price of Oil - Huffington Post (blog)

In the shipping world the type of vessel that can transit the Suez Canal has its own designation named a "Suezmax" category. The typical deadweight of a Suezmax oil tanker is about 240,000 tonnes.

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Calculating a per diem charter rate for a Suezmax tanker at $50,000 per day (and probably less), brings the additional cost of transporting a cargo of oil, lifting 1.7 million barrels around Africa to $800,000 per voyage. More to the point, the additional cost per barrel of oil would be 47 cents per barrel. And these 47 cents would apply only to the some 1.8 million barrels of crude oil that are transported through the canal (an additional 2mm plus barrels can be transported through Egypt overland via the Sumed pipeline).

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The additional cost of $800,000 for transporting these 1.8 million barrels around the horn of Africa distributed over the world's daily consumption of oil of 85 million barrels would settle out at just under a penny per barrel.

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The Risks to the Suez Canal Sets the Stage for Falsely Hyping The Price of Oil - Huffington Post (blog)