Charter rates for very large crude carriers (VLCCs) loading in the Middle East and Gulf of Oman and sailing to Asia have surged to historic highs in the last 24 hours, with benchmark earnings reported in the $800,000–1,000,000 per day range. Amid heightened shipping risks and attacks in the region, brokers describe a “chartering frenzy” as limited tonnage and Baltic Exchange indices drive a sharp spike in tanker freight costs.
According to major news agencies and maritime trade press, VLCC spot rates on key crude routes from the Middle East to China have reached unprecedented levels over the past days. Reuters reports that the shipping rate for supertankers loading oil in the Gulf of Oman for shipment to China has climbed to around 450 on a Worldscale basis, equivalent to roughly $11.50 per barrel, based on Baltic Exchange data. Lloyd’s List describes the market as being in the midst of a “chartering frenzy,” noting that the TD3C Middle East Gulf–China time‑charter equivalent index has surged to about $982,000 per day, roughly double its level a month ago, while estimates from Clarksons Securities put the same route just over $1 million per day. Complementing this, financial coverage from outlets such as Yahoo Finance highlights that Baltic Exchange benchmarks for the Middle East‑to‑China route have jumped to around $800,000 per day, marking some of the highest VLCC earnings in history.
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