Supertanker Rates Hit Record $1.4M/Day as Hormuz Transfers Tie Up Fleet

VLCC freight rates on the Gulf-to-East Asia route reached a record $1.4 million per day, driven by a large tanker fleet engaged in ship-to-ship transfers outside the Strait of Hormuz, reducing vessel availability for other routes. This reflects a tightening oil supply chain amid the ongoing oil crisis, with rates on the U.S. Gulf-to-Japan route also surging. The development signals sustained disruption to crude logistics and elevated shipping costs, which could feed into refined product prices globally.