Gulf-to-China Supertanker Rates Hit $510,000 a Day
The daily rate for chartering a supertanker to pick up crude oil from within the Persian Gulf and deliver it to China has surged this week to the highest level in two months as exporters seek vessels to deliver oil to Asian buyers despite a deteriorating security backdrop in the Strait of Hormuz. The benchmark Middle East Gulf-to-China rate for a very large crude carrier (VLCC) jumped to as high…
Global oil exports from the Persian Gulf to China have reached a new premium, with daily charter rates for supertanker vessels soaring to $510,000 per day. This record high occurred this week, surpassing the previous peak set in June, according to data from the Baltic Exchange, as reported by Bloomberg. The surging rates indicate that risk-tolerant tanker owners are capitalizing on the lucrative opportunity to transport oil cargoes from the Gulf to the Asian market, despite the heightened security concerns in the Strait of Hormuz.
The situation has been driven by the deteriorating security in the Strait of Hormuz and the need for Persian Gulf oil producers to export their crude oil to Asia. However, the actual volume of oil leaving the Middle East on vessels remains uncertain due to the lack of transparency regarding the use of transponders and the reluctance of operators to advertise their routes and schedules.
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