Crude tankers are once again firing on all cylinders, with freight rates surging across all segments as oil in transit reaches its highest level in more than five years. According to data from Vortexa, total crude and condensate in transit rose to 1.31 million barrels per day in mid-October, a level not seen since May 2020 during the pandemic-era floating storage boom. The surge is being driven less by traditional supply-and-demand dynamics and more by geopolitical disruptions, notably delivery delays of sanctioned oil cargoes bound for China and…

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