VLCC Daily Hire Rates Hit Record $1.3M on Saudi-China Route

Very large crude carrier (VLCC) daily hire rates reached a new all-time high of $1.3 million, with a single Saudi Arabia-China voyage priced at $59 million. This reflects acute tanker supply tightness amid strong Chinese demand and potential rerouting due to Red Sea disruptions. The surge signals elevated shipping costs that could pressure crude import economics and contribute to inflationary pressures in energy supply chains.