Hormuz Crisis Drives VLCC Charter Rates to Record $800K/Day

Charter rates for very large crude carriers (VLCCs) on the Gulf-to-China route have surged past $800,000 per day, with some voyages exceeding $29 million, as the ongoing Strait of Hormuz crisis disrupts shipping. This marks a record spike in tanker costs, reflecting heightened war-risk premiums and rerouting. The escalation in freight rates will likely feed into global oil prices and inflation, amplifying supply-chain costs for crude deliveries.