Oil supertankers in Gulf are renting for $500,000 per day: Report
Oil supertankers in Gulf are renting for $500,000 per day: Report Supertanker owners are getting paid $510,000 per day to bring crude oil from the Gulf to Asia, in a sign of high demand for vessels to transit the waterway as fighting rages in the region and alternative routes take supply from the market. Bloomberg reported on Wednesday that earnings from the Middle East-to-China route have jumped…
Oil supertankers in the Gulf are now commanding a daily rental fee of $500,000, according to a recent report. This high price tag reflects the increased demand for vessels to navigate the waterway as conflict rages in the region. Shipping companies are reaping significant profits, with earnings from the Middle East-to-China route reaching their highest level since June.
The situation suggests that the demand for these vessels is particularly strong, with some operators willing to take risks despite the threat of war. One notable example is the Mongolia Prosperity, a very large crude carrier (VLCC) operated by South Korean shipowner Sinokor. This vessel is set to load crude oil from a Persian Gulf port and transport it to East Asia, a journey that is estimated to cost $31 million.
Despite the risks involved, many vessels are choosing to continue operating in the Gulf, with US President Donald Trump stating that the strait remains open. This continued operation is a clear indication of the high demand for these supertankers and the lucrative profits that can be earned by those willing to brave the dangers of the region.
Written by urgent.news from Middle East Eye's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Oil supertankers in Gulf are renting for $500,000 per day: Report middleeasteye.net
