Tanker operators reap record profits as Hormuz shipping costs surge
🚢 Oil tanker operators are earning record profits after freight rates for vessels transiting the Strait of Hormuz and the broader Gulf region nearly doubled this week, driven by rising demand as shipping activity gradually resumes, according to industry sources to #Reuters and shipping data.
Despite the recovery, vessel movements through Hormuz remain well below the pre-war daily average of 125 ships. Industry estimates indicate that around 100 tankers carrying cargo are still stranded inside the Gulf, tightening vessel availability as West #Asian oil producers increase exports.
According to shipbrokers and market sources, daily rates for tankers operating through the Strait of #Hormuz have surged to about $190,500 from $106,500 a week earlier, while rates for ships operating outside the #Gulf have also climbed sharply.
Average daily earnings for Very Large Crude Carriers (VLCCs) transporting Gulf cargoes through Hormuz have risen to a record nearly $470,000 per day, an increase of more than $50,000 compared with the previous week, according to industry estimates. #middleeast #middleeastnews #azatellworld #globaleye
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Despite the recovery, vessel movements through Hormuz remain well below the pre-war daily average of 125 ships. Industry estimates indicate that around 100 tankers carrying cargo are still stranded inside the Gulf, tightening vessel availability as West #Asian oil producers increase exports.
According to shipbrokers and market sources, daily rates for tankers operating through the Strait of #Hormuz have surged to about $190,500 from $106,500 a week earlier, while rates for ships operating outside the #Gulf have also climbed sharply.
Average daily earnings for Very Large Crude Carriers (VLCCs) transporting Gulf cargoes through Hormuz have risen to a record nearly $470,000 per day, an increase of more than $50,000 compared with the previous week, according to industry estimates. #middleeast #middleeastnews #azatellworld #globaleye
