The Iran War Has Turned VLCCs Into $650,000-a-Day Assets
More Gulf oil is moving again. Getting it out now costs a fortune.
Why It Matters
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Key Facts
- Fact 1: Earnings on the benchmark Saudi Arabia-to-China supertanker route surged to a record $647,000 per day on Thursday, according to Baltic Exchange data cited by Bloomberg.
- Fact 2: That is more than ten times the rate a year ago—and nearly 27% above the $510,000 reached just ten days earlier.
- Fact 3: TotalEnergies CEO Patrick Pouyanne said earlier this week that moving a cargo through Hormuz cost about $20 million.
- Fact 4: A tanker traveling from Oman to China now commands roughly $220,000 per day, up from $131,000 a month ago.
More Gulf oil is moving again. Getting it out now costs a fortune.
Earnings on the benchmark Saudi Arabia-to-China supertanker route surged to a record $647,000 per day on Thursday, according to Baltic Exchange data cited by Bloomberg. That is more than ten times the rate a year ago—and nearly 27% above the $510,000 reached just ten days earlier. The spike comes as Persian Gulf producers increase crude shipments through the Strait of Hormuz despite the continuing Iran war.
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