{
  "id": 12879547,
  "title": "Supertanker Rates Hit Record $1.4 Million a Day",
  "url": "https://urgent.news/2026/10/08/supertanker-rates-hit-record-1-4-million-a-day",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-08T13:30:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Latest-Energy-News/World-News/Supertanker-Rates-Hit-Record-14-Million-a-Day.html"
  },
  "original_language": "en",
  "account": "The oil crisis has spilled over into the shipping industry, with supertankers commanding record rates as they queue up in ship-to-ship transfers off the Strait of Hormuz. This has put a strain on global freight rates and reduced vessel availability for other routes. Supertanker rates have jumped to a record $1.4 million per day for the Gulf to East Asia route, according to Bloomberg data. A single very large crude carrier, capable of carrying up to 2 million barrels of oil, has been offered at a total fee of $82 million, a 50% increase from three weeks ago. Many vessels in the global fleet are now engaged in the ship-to-ship transfers outside the Strait of Hormuz. Ship-to-ship transfers are deemed \"very inefficient\" by Russell Hardy, CEO of Vitol, the world's largest independent oil trader. He attributes the crisis to the conflict, its impact on crude production, and the subsequent shipping crisis. The shortage of supertankers has driven up rates for smaller vessels like Aframax and Suezmax as well, as oil producers and buyers shift to the smaller vessel market due to the tight availability of supertankers. Despite increased oil supply, regional crude exports from the Middle East have exceeded pre-war levels on several days in late September, leaving no hiding place for shippers.",
  "summary": "The oil crisis has extended into the shipping sector with a large tanker fleet tied up in ship-to-ship transfers outside the Strait of Hormuz, pushing global freight rates to record highs and reducing vessel availability for other routes. Supertanker rates have soared in recent weeks, and hit a record-high of $1.4 million per day on the Gulf to East Asia trip, according to data compiled by…",
  "key_points": [
    "Supertankers charge $1.4 million daily for Gulf to East Asia route",
    "Ship-to-ship transfers strain global freight rates and vessel availability",
    "Conflict and production impact drive up supertanker rates"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}