The United States sanctions against Venezuela triggered a "rush for ships", leading to a general increase in global crude oil freight rates.

Notice that as the United States takes action to strengthen control over the flow of Venezuelan oil, global crude oil tanker freight rates are showing a more widespread surge. Previously, Venezuela's oil trade was mainly handled by a "shadow fleet" consisting of old ships. With an expected increase in demand for vessels, shipowners are deploying compliant tankers near the Gulf of Mexico in the United States, rather than leaving them in areas around major oil-producing hubs such as the Middle East. This has led to a significant increase in freight rates for routes to China, echoing recent increases in the Caribbean and Mexico. Venezuela's increased oil trade is boosting global oil tanker freight. Since the beginning of the year, daily earnings on the route from the Middle East to China have almost tripled to nearly $114,000, while freight rates from the Gulf of Mexico in the United States to China have also risen by 73%. Earnings for ships traveling from the Caribbean to the Gulf of Mexico in the United States have also surged further, reaching a new high in nearly two years of about $82,800 on Wednesday. In a rare move last week, an empty oil tanker began a 45-day journey from the Middle East to the Americas. The "Megan Glory" completed delivery in Sohar, Oman, and initially indicated it would stay in the region after January 12th, but a few days later stated it was heading to the Gulf of Mexico in the United States awaiting instructions. Actions like those of the "Megan Glory" are prompting charterers to offer higher costs on routes that do not involve the Americas in order to transport recent cargoes. On Wednesday, the "Al Riqqa" was transacted at 140 Worldscale points, setting a new high for the year, with plans to transport Kuwaiti crude oil to Singapore in early February. This index is an industry standard, with 100 points as the basic cost for a specific voyage.