Supertanker Rates Tumble 44% to $287,000 as More Ships Reenter Strait of Hormuz
Updated
Updated · Bloomberg · Jun 26
Supertanker Rates Tumble 44% to $287,000 as More Ships Reenter Strait of Hormuz
3 articles · Updated · Bloomberg · Jun 26
Summary
$287,000 is the Friday cost to hire a supertanker from Saudi Arabia to China, down from more than $514,000 on Tuesday after a volatile week.
More ships willing to transit the Strait of Hormuz drove the drop, easing the scarcity that had pushed earnings sharply higher earlier in the week.
The route covers 2 million barrels of crude on a single voyage, making rate swings in the world’s biggest tankers a key gauge of Gulf shipping risk.
Even after the $200,000-plus fall, current earnings remain massively profitable for shipowners and the recent decline is four times larger than last year’s average daily earnings.