Global oil freight rates soared and the demurrage of oil tankers was $100,000 per day

As shipping costs soared, so did the bills for berthed
vessels.
In the tanker market, daily freight rates for delaying a vessel (like a taxi waiting in a meter) now reach around
$100,000, according to traders and shipbrokers.
These waiting fees, known as demurrage, are not unheard of in some places with delays of up to 7 to 10 days, eroding profits from oil spot trading
.

Such delays in loading and unloading are not uncommon
when factors such as bad weather in the North Sea make loading too risky, or when coronavirus control slows logistics at ports.
Recently, two vessels scheduled to load Forties oil at a pier off the coast of Scotland were scheduled to carry Forties oil were delayed for nearly a week
, according to people familiar with the matter.
Another tanker from Kazakhstan has been waiting
near the Netherlands since Nov.
10.

Due to the imminent European embargo on Russian oil, the work of the global tanker fleet is increasingly tight, forcing cargo to travel longer distances
.
This also makes it difficult to find alternative vessels at short notice, as longer voyages effectively boost demand
.