Super-sized oil tankers rush to the Middle East, Hormuz freight rises to nearly $1.4 million/day

智通财经2026/10/08 06:56

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Super large oil tankers are racing toward the Middle East to capitalize on soaring freight rates through the Strait of Hormuz, further exacerbating the global shortage of vessels and driving up shipping costs. Despite ongoing attacks on ships, crude oil shipments via the strait have rebounded in recent weeks to near pre-war levels. However, the risks facing shipping have caused tanker freight rates to surge, with the cost of transporting oil from the Gulf region to East Asia now more than six times higher than before the conflict. According to shipping data provider Signal Ocean, out of approximately 850 Very Large Crude Carriers (VLCCs) worldwide, more than 40% are either in the Persian Gulf or within a few days’ sailing distance from the region. Freight analyst Georgios Sakellariou said: "The past few months have been among the best periods in the history of the crude oil tanker industry. The main issue is the inefficiency of ship-to-ship transfer systems outside the Strait of Hormuz, which has significantly depleted local and regional shipping capacity." The journey from the Persian Gulf to East Asia takes about three weeks. Currently, benchmark VLCC freight rates reached a record high of nearly $1.4 million per day on Wednesday, up almost 540% compared to before the conflict, while Brent crude prices have risen by about 40% during the same period.

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Super-sized oil tankers are now racing toward the Middle East to take advantage of soaring oil freight rates through the Strait of Hormuz, further exacerbating a global shortage of ships and pushing shipping costs higher. Although attacks on vessels are ongoing, the volume of crude oil transported through the strait has recovered in recent weeks to near pre-conflict levels. However, the risks faced by shipping have led to a significant surge in tanker freight rates, with the cost of transporting oil from the Gulf region to East Asia now more than six times higher than before the conflict. According to shipping data provider Signal Ocean, of the approximately 850 Very Large Crude Carriers (VLCCs) worldwide, over 40% are currently either in the Persian Gulf or within just a few days’ sailing distance. Freight analyst Georgios Sakellariou stated, “Recent months have been among the best periods ever for the crude oil tanker industry. The main issue is the inefficiency of ship-to-ship transfer systems outside the Strait of Hormuz, which has greatly consumed vessel capacity both locally and in other regions.” The voyage from the Persian Gulf to East Asia takes about three weeks. Currently, assessed VLCC freight rates reached a historical high of nearly $1.4 million per day on Wednesday. Compared to pre-war levels, this marks a surge of nearly 540%, whereas Brent crude prices rose about 40% over the same period.

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Super-sized oil tankers rush to the Middle East, Hormuz freight rises to nearly $1.4 million/day

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