Baltic Exchange reports record supertanker freight rates to China
Record VLCC freight rates have been set on several key routes at once: from the US to China at $44.8 million, Middle East to China at $800,000 per day, and Saudi Arabia to China at $647,000 per day. The rise comes amid the conflict in the Persian Gulf and the halt of a Saudi pipeline, increasing demand for seaborne transportation.
Sources
· 9Фрахт VLCC из США в Китай достиг рекордных $44,8 млн
1Ставки фрахта супертанкеров достигли $800 тыс. в сутки после уничтожения США пяти танкеров, связанных с Ираном
2Ставки фрахта VLCC на маршруте Саудовская Аравия — Китай достигли рекордных $647 тыс. в сутки
3Нефть Brent приблизилась к $100 после ударов США по иранским танкерам
4Глава TotalEnergies: доставка супертанкером через Ормузский пролив стоит $20 млн
5Brent приблизилась к $98 после ударов США по иранским танкерам и остановки объектов в Саудовской Аравии
6Движение танкеров в Ормузском проливе замедлилось до пяти судов, нефть удерживает рост
7ADNOC купила пять супертанкеров за $590 млн на фоне кризиса в Ормузском проливе
8Импортный счет Индии за нефть вырос на 60% на фоне четырехкратного роста фрахта через Ормузский пролив
9Key points
- The VLCC freight rate from the US to China reached a record $44.8 million on September 15, up from $39 million a day earlier and $17.8 million before the US-Iran escalation.
- Supertanker freight rates on the Middle East–China route rose to $800,000 per day after the US destroyed five tankers linked to Iran.
- VLCC earnings on the Saudi Arabia–China route reached a record $647,000 per day, more than ten times the level a year earlier.
- On Saturday, only five commercial vessels passed through the Strait of Hormuz, and no transit was planned for Sunday, while a week earlier 31 tankers crossed the strait.
- India's oil import bill in April–June rose by 60%, and delivery from Ras Tanura to India jumped 411% to $4.34 per barrel.
What happened
A day earlier, the rate for a vessel of the same class was $39 million, and before the escalation between the US and Iran in late February it was $17.8 million. On the benchmark Middle East–China route, supertanker rates reached $800,000 per day after US forces destroyed five tankers linked to Iran. Earnings on the Saudi Arabia–China route rose on Thursday to a record $647,000 per day, more than ten times higher than a year earlier and almost 27% above $510,000 ten days earlier.
Why it matters
At the same time, ship-to-ship transfers in the Gulf of Oman allow the flow of 10 to 15 million barrels per day through the Strait of Hormuz to be maintained, despite the risks. Exporters are competing for a smaller number of tankers willing to take the risk. Saudi Arabia's halt of oil pumping through the East–West pipeline this week increased reliance on American supplies.
What changed
Earlier, the CEO of TotalEnergies estimated delivery by supertanker through the Strait of Hormuz at about $20 million, or $10 per barrel. By mid-September, a voyage from the US to China cost $44.8 million.
Who's affected
ADNOC Logistics & Services acquired five supertankers for about $590 million amid the Strait of Hormuz crisis. Indian importers have already faced a 60% increase in their oil bill and a 411% rise in delivery costs from Saudi Arabia.
Context
Brent crude rose to $99.25–99.66 per barrel after US strikes on Iranian oil tankers. Saudi Arabia suspended operations at energy facilities in the south after attacks for which the Houthis claimed responsibility. On Saturday only five commercial vessels passed through the Strait of Hormuz, no transit was planned for Sunday, while a week earlier 31 tankers crossed the strait.
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