Surging Tanker Rates Signal a Deepening Global Energy Crisis
Vessel transits through the Strait of Hormuz fell to seven on Wednesday from 12 the previous day, below the 10-day average of 14. Supertanker earnings on the Middle East-to-China route reached a record of nearly $800,000 a day, and a US Gulf-to-Asia VLCC charter was offered at a record $29.5 million lump sum. Analysts expect daily VLCC earnings to stay above $100,000 into next year, with two-year leasing rates potentially rising 20% to 30%.
Why it matters: This matters for the theme of Energy, as record tanker rates and reduced Hormuz transits show the conflict is disrupting oil logistics, not just prices.