Coverage dated October 8, 2026 to October 12, 2026
Supertanker Rates Slip From Record Highs
Headline from Oil Price
Supertanker rates have retreated slightly after touching an all-time high earlier this month, with the price of chartering a very large crude carrier for a trip from the Gulf Coast to China at $634,974 per day, according to Baltic Exchange data cited by Reuters.
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The oil crisis has extended into the shipping sector with a large tanker fleet tied up in ship-to-ship transfers outside the Strait of Hormuz, pushing global freight rates to record highs and reducing vessel availability for other routes.
The record-high freight costs refiners have to pay to receive a cargo of crude oil from the U.S. Gulf Coast have effectively shut the arbitrage to Asia, with refiners in the top crude oil-importing region turning to more barrels from the Middle East and South America, shipbrokers and traders have to…
The cost of shipping crude oil soared to record highs last month as the Iran war reshuffled trade routes and patterns and tied up more tankers in inefficient and lengthy voyages. Supertanker rates soared in September to above $1 million per day on the Persian Gulf to China route—a record high.
Supertanker rates have retreated slightly after touching an all-time high earlier this month, with the price of chartering a very large crude carrier for a trip from the Gulf Coast to China at $634,974 per day, according to Baltic Exchange data cited by Reuters.
Supertanker Rates Slip From Record Highs | Since Then
