Oil tanker rates could surge further on Iran risk - Bloomberg
The cost of hiring oil supertankers could rise to the highest levels this decade on the growing risk of a major US attack on Iran, Bloomberg reported on Friday.
Citing data from the Baltic Exchange, Bloomberg said earnings for a very large crude carrier on the Middle East-to-China route have nearly tripled this year to about $151,208 a day, the highest since 2020.
The report said a major assault on Iran could disrupt traffic through the Strait of Hormuz and raise the risk premium for chartering ships.
“Military action in the Middle East will likely take VLCC rates to levels not seen since 2019,” Anoop Singh, global head of shipping research at Oil Brokerage Ltd, told Bloomberg.
Bloomberg also said tighter vessel supply and increased consolidation in the tanker market were adding to upward pressure on rates.
