Crude tanker freight has surged amid the Iran-related crisis and disruption risks in the Strait of Hormuz, with VLCC earnings reaching exceptional levels on some routes.
Freight rates for large crude tankers have risen sharply amid the conflict involving Iran and disruption risks around the Strait of Hormuz. Reports say rates for large crude carriers have increased by more than 1,600% since the beginning of the year, while some routes have generated VLCC earnings above $1.4m per day. Reuters has separately estimated that a US-to-Japan VLCC voyage could cost about $81m, equivalent to roughly $40.50 per barrel in freight alone.
Source:
wallstreet-online.deShare this article
Related news
Russia–India oil freight rates remain at record highs amid tanker shortage
Tanker scarcity, Black Sea risks and sanctions-related rerouting continue to push the cost of moving Russian crude from western ports to India sharply higher.
Baltic Dry Index Rises 1.9% as Capesize Rates Strengthen
The Baltic Dry Index ended a three-day decline and climbed about 1.9% to 2,652 points, supported by firmer Capesize rates.
Yangzijiang Maritime Sells Six Newbuild Tankers for $308 Million
Yangzijiang Maritime Development has agreed to sell six newbuild MR tankers for a total consideration of $308 million, with deliveries scheduled for 2027–2028.