LONDON: Oil tanker operators are earning record returns after sharply increasing vessel hire rates across the Gulf region as shipping demand starts to recover and traffic through the Strait of Hormuz gradually resumes.
Shipping data and industry sources showed that daily tanker hire costs outside the Strait of Hormuz climbed to $190,500 this week, up from $106,500 a week earlier. Rates for vessels operating beyond the Gulf region also increased significantly.
Average daily earnings for very large crude carriers (VLCCs) reached a record level of almost $470,000 for Gulf cargoes moving through the Strait of Hormuz. That figure marks an increase of more than $50,000 compared with the previous week.
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Ship broker Clarksons said tanker owners expect stronger demand for Middle East crude shipments in the coming weeks and are taking advantage of tightening market conditions.
The company said tanker spot earnings had remained above $100,000 per day despite lower cargo volumes since the start of tensions between the United States and Iran.
Clarksons added that tanker supply remained exceptionally constrained and warned that a broader reopening of Hormuz would tighten available shipping capacity further.
The Strait of Hormuz remains one of the world’s most critical energy transit routes, and fluctuations in traffic continue to influence global freight costs and oil transport markets.
