Supertanker charter rates hit record $1.1M/day on Hormuz risk

Charter rates for supertankers on the Persian Gulf–China route have surged 12-fold since February to a record $1.1 million per day, driven by a shortage of vessels willing to transit the Strait of Hormuz amid heightened security risks. This marks an unprecedented cost spike that will feed directly into global oil shipping costs and could amplify inflationary pressures. The sustainability of these rates depends on the duration of the Hormuz disruption and the availability of alternative routes.