VLCC freight rates hit record $1.24M/day amid tanker shortage

Very Large Crude Carrier (VLCC) spot rates have surged to a record $1.24 million per day, driven by a combination of tight vessel supply, rerouting around the Cape of Good Hope, and strong demand. The spike signals a significant tightening in the tanker market, with implications for global oil shipping costs and potential inflationary pressure on crude transport.