VLCC spot rates have surged from roughly $130,000 per day earlier in the year to above $500,000 in recent weeks as limited tanker availability and disruption around the Strait of Hormuz raise voyage costs. Freight on some movements has approached $30 per barrel.
VLCC freight rates were reported to have moved sharply above early-year levels by late September. Spot earnings that had been around $130,000 per day in February were said to have exceeded $500,000 recently, while transport costs on some routes approached approximately $30 per barrel.
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