ReportedShipping, energy & marketsStrait of Hormuz and Gulf-to-East Asia shipping route
Gulf-to-East Asia supertanker rates reach $1.4 million a day
- Mountain Time
- Local time
- 1:30 PM UTC
- Where
- Strait of Hormuz and Gulf-to-East Asia shipping route
VLCC freight rates for Gulf-to-East Asia voyages reached a reported record $1.4 million a day as ship-to-ship transfers outside the Strait of Hormuz tied up tankers and reduced vessel availability on other routes, OilPrice.com reported, citing Bloomberg data.
Why it matters
Record freight costs raise the delivered cost of Gulf crude for Asian buyers and constrain tanker availability beyond the Hormuz trade.
Source
- OilPrice.comoilprice.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels