OIL TANKER RATES HIT RECORD $1 MILLION A DAY AS HORMUZ TRAFFIC COLLAPSES The cost of chartering a VLCC from the Persian Gulf to China has surged to roughly $1.035M per day, up nearly 5x from around $208K before the Iran war. Only 17 commodity vessels crossed the Strait of Hormuz over the weekend, down from 37 a week earlier and versus roughly 125 large commercial vessels per day before the war. The shortage of ships willing to enter the Gulf has created a major earnings tailwind for spot-exposed
OIL TANKER RATES HIT RECORD $1 MILLION A DAY AS HORMUZ TRAFFIC COLLAPSES The cost of chartering a VLCC from the Persian Gulf to China has surged to roughly $1.035M per day, up nearly 5x from around $208K before the Iran war. Only 17 commodity vessels crossed the Strait of Hormuz over the weekend, down from 37 a week ea