# Asian Refiners Turn to Smaller Tankers as Gulf Oil Freight Hits Record By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/36145 Published: 2026-10-21T00:16:38.000Z Updated: 2026-10-21T00:16:38.000Z Section: Investing > Middle East Gulf-to-China supertanker freight averaged $28.28 per barrel in September, up $12.90 from August. Asian refiners are turning to smaller tankers and seller-arranged deliveries as record freight rates raise the cost of importing U.S. and African crude into the region. Freight for very large crude carriers traveling from the Middle East Gulf to China averaged a record $28.28 per barrel in September, up $12.90 from August. A recent estimate put the cost of shipping U.S. crude to Asia at about $40 per barrel, making the voyage a larger part of the cost paid by buyers. Some refiners are using Aframax tankers, which carry about 600,000 barrels, instead of very large crude carriers that hold about 2 million barrels. Long-term charters offer another way to secure ships. Buyers are also taking more Middle Eastern crude on delivered terms, leaving sellers to arrange the voyage rather than booking tankers themselves. The shortage of available ships has persisted despite a recovery in Gulf exports. At least 16.5 million barrels per day of crude left the region, excluding Iran, from Sept. 1-28. About 40% bypassed the Strait of Hormuz, compared with 17% before the war. Crude that does cross the strait often moves in stages. In August, more than 70% of those barrels changed tankers offshore. At least 63 very large crude carriers were working the Gulf shuttle route in late September, occupying vessels that could otherwise make longer trips. “Freight is too expensive so crude from Africa and the US can't really come over (to Asia),” said Formosa Petrochemical President K Y Lin. The cost of reaching Asian buyers has also weighed on some West African crude grades, which reached discounts of $20 per barrel in October. For refiners, the price of a cargo at its loading port is only part of the calculation when the ship needed to deliver it is scarce or costly. Saudi Arabia had already [sold nearly 100 million barrels for October and November delivery to Asian buyers](). Saudi Aramco is arranging those deliveries, taking on more of the shipping and insurance risk that buyers would otherwise face. The latest shift toward delivered crude shows how refiners are adapting their purchases while tanker capacity remains tight. ## Links in this article - [sold nearly 100 million barrels for October and November delivery to Asian buyers](https://www.tokenpost.com/news/investing/23678)