The security risk in the region has caused Very Large Crude Carrier charter rates from the Gulf to China to exceed $1.2 million a day. This price level represents a surge from the approximately $231,000 daily rate recorded before the outbreak of the war.
Tuesday, October 20, 2026
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Gulf Tanker Rates Hit $1.2M a Day on $40M Hormuz Shuttle Runs
Commodities16 days ago
Persian Gulf oil shippers are paying crew members premiums as high as $25,000 per voyage to navigate the Strait of Hormuz despite threats from Iran. To maintain exports, producers are employing a system of "shuttle runs" that can cost up to $40 million to execute, according to the Wall Street Journal.
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