The price surge stems from a concentration of vessels in the Persian Gulf, where over 40% of the world's 850 supertankers are currently operating or nearby to chase fees that are more than six times higher than pre-war levels. Daily rates for the Persian Gulf to Far East benchmark have climbed to approximately $1.4 million, up from less than $50,000 a year ago. This vessel drain has triggered spikes elsewhere, including a 150% weekly jump in the US-Europe suezmax index to $577,792 per day, keeping Brent crude near $100 per barrel despite recovering oil flows.
Wednesday, October 21, 2026
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US Gulf to Asia Tanker Rate Hits Record $81 Million
Commodities13 days ago
Refineries in the Asia-Pacific region are scrambling to secure crude oil barrels to sustain production levels amid a global shipping crisis. A vessel owned by Sinokor was recently chartered for a voyage from the US Gulf Coast to Asia-Pacific markets at an $81 million lumpsum, the highest rate since Argus began assessing the route in 2017. This price represents a $17.75 million increase in a single day and exceeds the pre-Iran war high of $22.5 million by more than $63 million.
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