Tanker freight rates soar as buyers try to replace Saudi oil.

Tanker freight rates soared to their highest levels of the year this week as Asian importers scrambled to secure crude supplies from the US after attacks on Saudi Arabia's oil facilities took a big chunk out of global output.

London and Singapore brokers said daily spot rates for supertankers were quoted at above $43,000 this week from less than $30,000 before the Sept. 14 attacks in Saudi Arabia. Average time charters, which are for longer periods, were quoted at $38,600 a day compared with an earlier rate of $28,300, according to the Baltic...