VLCC charter rates surge to record $647,000/day on Persian Gulf transit risk

Supertanker earnings for the Saudi Arabia-to-China route have reached record highs, reflecting a 27% increase in ten days due to heightened risk premiums in the Strait of Hormuz. Despite increased crude volumes, the surge in shipping costs indicates that war-related insurance and security premiums are offsetting the supply-side easing of oil flows.