Super-sized oil tankers rush to the Middle East, Hormuz freight rises to nearly $1.4 million/day
智通财经2026/10/08 06:56Super large oil tankers are racing toward the Middle East to capitalize on soaring freight rates through the Strait of Hormuz, further exacerbating the global shortage of vessels and driving up shipping costs. Despite ongoing attacks on ships, crude oil shipments via the strait have rebounded in recent weeks to near pre-war levels. However, the risks facing shipping have caused tanker freight rates to surge, with the cost of transporting oil from the Gulf region to East Asia now more than six times higher than before the conflict. According to shipping data provider Signal Ocean, out of approximately 850 Very Large Crude Carriers (VLCCs) worldwide, more than 40% are either in the Persian Gulf or within a few days’ sailing distance from the region. Freight analyst Georgios Sakellariou said: "The past few months have been among the best periods in the history of the crude oil tanker industry. The main issue is the inefficiency of ship-to-ship transfer systems outside the Strait of Hormuz, which has significantly depleted local and regional shipping capacity." The journey from the Persian Gulf to East Asia takes about three weeks. Currently, benchmark VLCC freight rates reached a record high of nearly $1.4 million per day on Wednesday, up almost 540% compared to before the conflict, while Brent crude prices have risen by about 40% during the same period.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Sources say Southwest Airlines is considering adopting Boeing 787 to expand international long-haul routes
Sources say Southwest Airlines is considering adopting the Boeing 787 model to expand its international long-haul route business.
SpaceX acquires low-frequency spectrum, targeting US wireless carriers
SpaceX rose nearly 3% after hours as the company acquired low-frequency spectrum, targeting US wireless carriers.
TD Bank approved for up to 100 billions CAD share repurchase plan
TD Bank has received approval to carry out a share repurchase program with a maximum amount of 10 billions Canadian dollars. This approval reflects TD Bank’s strong confidence in its own long-term fundamentals, and the bank will flexibly arrange the specific pace of the repurchase based on factors such as market conditions and its own operations.
SpaceX to acquire nationwide 800MHz spectrum portfolio pending FCC approval
SpaceX (SPCX.US) announced on Thursday that it has reached an agreement to acquire a portfolio of low-frequency spectrum licenses covering the entire United States, enabling it to directly compete with traditional wireless communication giants nationwide. While Starlink Mobile’s existing global 2 GHz mid-band spectrum will provide high bandwidth capacity, this new spectrum will allow its signals to penetrate obstacles. This move accelerates Elon Musk’s ambitious plan to bypass traditional wireless infrastructure and deliver cellular network connectivity directly to smartphones from Earth’s orbit. The deal involves acquiring 100% of a nationwide 800 MHz spectrum portfolio owned by private equity firm Grain Management, and is still subject to regulatory approval by the Federal Communications Commission (FCC). In addition, the FCC this week approved Starlink Mobile’s application for a second-generation satellite constellation, authorizing SpaceX to deploy 15,000 satellites worldwide optimized for the 2 GHz band. Following the announcement, shares of US telecom companies fell in after-hours trading, while SpaceX (SPCX.US) shares rose by over 1.7%.
Crypto prices
More
