The rerouting follows severe congestion at Gulf of Oman hubs including Fujairah, Sohar, and Khor Fakkan, which have hit capacity. To avoid delays in the war-hit region, producers are using the Gulf of Kutch off the coast of Gujarat as an alternative ship-to-ship transfer waypoint. This shift facilitates the movement of Persian Gulf exports as Indian refiners seek to replace Russian crude imports.
Tuesday, October 20, 2026
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VLCC Hire Rates Hit Record $1.3 Million a Day
Commodities17 days ago
Thirteen vessels that previously operated as shuttle tankers for the Strait of Hormuz shifted to delivering Saudi crude directly to India in September. Daily hire costs for these very large crude carriers have climbed to $1.3 million, a rate 43 times higher than the January average and roughly 27% of the delivered cost of the oil, according to data from Lloyd's List Intelligence and other trackers.
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