Restrictions around the Strait of Hormuz have removed substantial tanker capacity from global trading routes, pushing VLCC freight and charter rates to unprecedented levels.
Industry reports published on October 14, 2026 said the average VLCC rate reached approximately $665,000 per day in the first week of October, nearly 10% higher than the previous week and 72% above the level recorded at the beginning of March. The one-year VLCC time-charter rate rose above $210,000 per day, compared with about $130,000 before the conflict began.
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