Shipping & Ports
Saudi-China VLCC Earnings Hit Record $647,000 Per Day
Daily supertanker earnings on the Saudi Arabia to China route have surged to historic highs as Persian Gulf export volumes increase.
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.
Source attribution
This report was written by the Global Freight editorial desk based on material published by OilPrice.com. It is an original summary and analysis, not a reproduction of the source text. Figures and claims are limited to those present in the source material.
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