Supertanker charter rates hit record $1.4 million per day — OilPrice

The daily charter rate for a supertanker on the route from the Persian Gulf to East Asia has reached a record $1.4 million. A significant number of tankers are involved in ship-to-ship transfers outside the Strait of Hormuz, reducing fleet availability for other routes, OilPrice reports.

Shortage of large tankers

According to Bloomberg, rates for transportation by supertankers have risen sharply in recent weeks. Tariffs on the route from the U.S. Gulf Coast to Japan are also increasing: according to Bloomberg, a total of $82 million was offered for one voyage by a VLCC-class supertanker capable of carrying up to 2 million barrels of oil. This is 50% more than three weeks ago.

As shipping flows recover, more and more tankers are being involved in such transfers. As a result, few vessels remain available on the global market to transport oil from other regions.

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Smaller vessels are also becoming more expensive

Vitol CEO Russell Hardy said at the Energy Intelligence forum in London that transportation through the Strait of Hormuz under this scheme is highly inefficient. According to him, the crisis that began in the crude oil market then spread to petroleum products and is now developing into a maritime transport crisis. He also noted that there are not enough vessels to meet all market needs.

The shortage of VLCCs has contributed to an increase in daily rates for smaller Suezmax- and Aframax-class tankers as well. Shipbroker Fearnleys said in its weekly report that oil supplies are growing, while crude oil exports from the Middle East on certain days in late September exceeded pre-war levels.