Daily time‑charter earnings for very large crude carriers (VLCCs) on Middle East–China and other Far East routes have, over the past few days, broken through the $1.0–1.2 million per day threshold, while the cost of shipping crude from the Persian Gulf to Asia has risen to roughly $23–24 per barrel. The spike is driven by heightened geopolitical risk around the Strait of Hormuz, sharply higher war‑risk premiums and a shortage of available tonnage, with knock‑on effects for oil prices and global supply chains.
According to Baltic Exchange route assessments and specialist freight coverage, equivalent time‑charter earnings on the TD3C Middle East–China benchmark route have climbed this week to around $1.21 million per day, compared with roughly $200,000–250,000 per day just a few months ago. On several Persian Gulf routes, VLCCs are now earning more than $1.035 million per day, marking the first time this psychological level has been breached, while the per‑barrel cost of moving crude from the Gulf to China is estimated at about $23–24. Parallel reporting from energy‑focused outlets indicates that shipping crude from the US Gulf (Houston) to Asia currently adds around $26 per barrel to the crude price, implying a voyage cost of roughly $52 million for a 2‑million‑barrel VLCC cargo.
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