Shipping costs weigh on oil majors despite strong profits as Hormuz crisis lifts tanker rates

[Attaqa] Major oil companies recently reported strong earnings, but higher freight rates and tanker charter costs consumed part of those gains, according to Attaqa. Third-quarter results announced days ago by some of these companies showed varying effects from shipping developments caused by the continuing Hormuz Strait crisis, the report said. Those pressures may persist as earnings continue, according to Attaqa.