Rental costs for super oil tankers on the US to Asia route have risen to a record high of $29 million.

The data from the Baltic Exchange shows that the cost of shipping 2 million barrels of crude oil from the United States to China has jumped to $29.09 million. This is equivalent to about $14.50 per barrel, close to 20% of the WTI futures price. This level sets a new record, surpassing the $26.91 million on Tuesday.