Tanker Rates Jump Above $190,000 a Day as Hormuz Reopens and 100 Ships Stay Trapped
Updated
Updated · OilPrice.com · Jun 23
Tanker Rates Jump Above $190,000 a Day as Hormuz Reopens and 100 Ships Stay Trapped
3 articles · Updated · OilPrice.com · Jun 23
Summary
$190,000 a day tanker hire rates in the Gulf have nearly doubled from about $106,000 in a week, even after Iran lifted its effective Hormuz blockade under a 60-day ceasefire.
Nearly $470,000 in daily earnings for some VLCCs reflects a rush by Middle Eastern producers to move crude stranded for months, while too few available vessels can meet that demand.
About 100 tankers remain stuck inside the Gulf with wartime cargoes, and traffic through Hormuz is still far below the roughly 125 ships a day seen before the late-February war.
Brent fell to $77 on Tuesday as traders priced in returning supply, highlighting a split between easing oil prices and a shipping market still gripped by scarcity.
ADNOC is pushing more cargoes and buyers such as Indian refiners are seeking extra Middle Eastern barrels, suggesting tanker owners could keep profiting until transit normalizes.
Oil prices are falling, yet shipping costs are skyrocketing. Is the Hormuz ceasefire creating a new economic crisis?
Tanker profits are soaring, but what is the hidden human cost for thousands of seafarers trapped in the Gulf?
The Hormuz Strait is open, so why are hundreds of ships still trapped and supply chains breaking worldwide?
Strait of Hormuz Crisis 2026: 80% Shipping Collapse, $15 Billion in Stranded Oil, and the Global Economic Shockwave
Overview
On February 28, 2026, US and Israeli airstrikes against Iran triggered the unprecedented closure of the Strait of Hormuz, a vital oil corridor. Within 24 hours, traffic through the Strait dropped by 80%, and most global shipping insurers quickly cancelled war risk coverage for the Persian Gulf. This led to about 750 vessels stranded on both sides, carrying $15.3 billion in oil and gas and trapping 11,000 seafarers in a conflict zone. The immediate aftermath caused severe disruptions to global shipping and energy markets, highlighting the vulnerability of critical supply chains to geopolitical shocks.