Tanker companies are booking record profits, as a result of the re-routing of the global energy trade.

The chaos after the closures of Hormuz and the Red Sea, and severe weather problems at the Panama Canal, are a boon to shipping companies who earn $1 million per day making longer transits.

Shipping firms are scrambling to find ships, and used vessels are selling at tens of millions of dollars above new builds, delivered under old contracts.

Orders at Chinese shipyards are booming, up 2.7 times over last year, as China is the sole shipbuilder with sufficient capacity.

Skyrocketing transport costs are fueling inflation, as $26 per barrel is spent just to move crude to refineries.