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Oil majors count the cost of runaway tanker rates
Soaring tanker freight rates are raising costs for oil majors, with Shell disclosing a $5.4bn non-cash increase in shipping lease liabilities for the third quarter.
Soaring tanker freight rates are putting increasing pressure on oil companies. The latest quarterly results reflect additional shipping-related liabilities, squeezed refining margins and losses on trading positions.
Shell disclosed a $5.4bn non-cash increase in its shipping lease liabilities during the third quarter.
The material indicates billions of dollars in additional shipping-related costs across the oil majors.
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