Supertanker Freight Rates Surge to Record $1.4 Million Daily

The supply crunch has forced charterers to pay historic premiums, with one Very Large Crude Carrier (VLCC)—capable of hauling 2 million barrels—reportedly commanding a total fee of $82 million for a U.S. Gulf-to-Japan voyage. This represents a 50% increase in just three weeks. The scarcity is fueled by the inefficient use of tankers performing shuttle services near the Strait of Hormuz, a practice Vitol CEO Russell Hardy describes as a fundamental shift from a regional crude crisis into a global shipping emergency.

This disruption is not limited to the largest ships. As availability for VLCCs vanishes, demand has spilled over into smaller vessel classes, driving up rates for Aframax and Suezmax tankers. According to shipbroker Fearnleys, regional crude exports from the Middle East recently climbed above pre-war levels, further straining an already depleted fleet. With oil supply rising and logistics crippled by regional tensions, market participants are finding few alternatives to the soaring costs of moving energy across the globe.