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Oil majors count the cost of runaway tanker rates

Original · Splash247 · Shipping · 1h ago
Soaring tanker freight rates are taking an increasingly heavy toll on the world's oil majors, with the latest quarterly results revealing billions of dollars in additional shipping-related liabilities, squeezed refining margins and losses on trading positions. Shell has disclosed a $5.4bn non-cash increase in its shipping lease liabilities during the third quarter, reflecting the extraordinary…
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