Tanker costs soar 43-fold as Hormuz tensions reshape global oil trade

Rates for very large crude carriers, or VLCCs, have surged to an unprecedented $1.3 million per day, according to Poten data

The figure is roughly 43 times the level recorded in early January, when the benchmark Middle East Gulf-to-Far East route cost about $30,000 per day.

At that rate, freight adds almost $33 to the cost of each barrel of crude — about 27% of its delivered cost, based on Poten’s estimate of Brent crude near $120 per barrel.

In January, freight added only about $1.73 per barrel, or roughly 3% of delivered cost.

Poten & Partners is a global leader in shipping and commodity brokerage, advisory services, and business intelligence for the energy and maritime industries.

The spike underscores how Middle East shipping disruption has transformed tanker economics. Restrictions and security risks around the Strait of Hormuz have forced longer routings, more ship-to-ship transfers and higher war-risk premiums, while tying up a growing share of the global VLCC fleet in the Gulf of Oman.

Clarksons Research earlier reported average global VLCC spot earnings approaching $642,000 per day, while some Middle East-to-Asia routes had already exceeded $1 million per day.

Saudi export flows and shuttle operations through Hormuz have further tightened vessel availability.

For refiners and traders, the result is a sharp rise in landed crude costs even before insurance, financing and port charges. The freight surge may also influence sourcing decisions, with buyers weighing alternative supply regions against the cost of moving oil through the disrupted Gulf corridor.

A VLCC is a supertanker capable of carrying about 2 million barrels of crude, making it central to long-haul oil trade from the Gulf to Asia.

Its day rate is therefore highly sensitive to disruptions at the Strait of Hormuz, the chokepoint linking Gulf producers with global markets.

The $1.3 million figure should be read as a reported market assessment rather than a universal rate: VLCC pricing varies sharply by route, vessel availability, cargo size, insurance and war-risk exposure.

Still, multiple freight assessments show the same direction — a historic spike driven by Hormuz-related disruption and scarce tanker capacity.