Supertanker Rates Reach Nearly $1.4 Million a Day on Gulf Route

Persian Gulf-to-East Asia supertanker rates reached nearly $1.4 million a day Wednesday, setting a route record as ship-to-ship oil transfers outside the Strait of Hormuz reduced vessel availability and intensified pressure across global energy markets.

The voyage typically takes about three weeks. The assessed freight rate was nearly 540% above prewar levels, while Brent crude had risen about 40% over the same period.

More than 40% of the global fleet of roughly 850 very large crude carriers, or VLCCs, was in or near the Persian Gulf. One VLCC offered for a U.S. Gulf-to-Japan voyage carried a potential total fee of $82 million, more than $40 per barrel and more than 50% above its level three weeks earlier.

The disruption is also lifting rates for smaller Suezmax and Aframax tankers as shippers look for alternatives to limited VLCC capacity. The resulting freight squeeze is raising the cost of moving crude and refined fuels, adding pressure to energy markets, inflation and crypto risk sentiment.