Saudi-China VLCC Earnings Hit Record $647,000 Per Day

Benchmark charter earnings for very large crude carriers operating on the Saudi Arabia-to-China trade lane climbed to a record $647,000 per day on Thursday. According to Baltic Exchange assessments cited by Bloomberg, the daily rate stands at more than ten times the level recorded during the same period last year.

The fresh high represents a nearly 27% increase compared to the $510,000 per day benchmark registered ten days prior. The escalation in freight prices comes as crude producers across the Persian Gulf boost shipment volumes departing through the Strait of Hormuz.

While higher seaborne export volumes were expected to ease tight global oil supplies, chartering expenses have intensified amid the backdrop of ongoing conflict involving Iran.