A surge in oil tanker earnings extended, with one route jumping the most in a day since 2022, as the disruption to traffic through the Red Sea lifts the cost of hauling some barrels.

Rates for vessels carrying fuel from the Middle East to Asia have almost tripled since the US and UK launched airstrikes on Yemen’s Houthi rebels — climbing to $83,000 a day from about $30,000, an increase of 182% since Jan. 12. Those ships mostly haul naphtha, a product used to make gasoline and plastics.

Earnings for other routes also are spiking.

The security situation in the Red Sea has deteriorated to the point where several oil product tanker companies say they’ll no longer carry cargoes through the waterway. That’s pushing many ships to sail thousands of miles around Africa, in turn reducing the number of vessels available in the spot market.

In addition to the spike in Middle East-to-Asia rates:

  • Earnings from Europe to the US hit the highest since March
  • Rates from the Middle East to East Africa jumped the most since May
  • Freight for some fuels from South Korea to Singapore rose the most since June 2022