Tanker Freight Rates Hit Record Highs Amid Strait of Hormuz Crisis
Cubierto por 3 fuentesPublicado
- lloyds listTanker rates, already higher than most imagined possible, just spiked again
- MARITIME_EXECUTIVESeafarers Now Command Huge Bonuses for Hormuz Transits
- Trade newsAngelicoussis VLCC linked to possible $260,000 per day term deal
- Trade newsFrontline’s $65m VLCC fixture shows dramatic surge in rates for Brazil voyages
- lloyds listDaily Briefing 6 October 2026
Freight rates for crude oil tankers hit record levels this week, driven by a shortage of available vessels and congestion in the Strait of Hormuz. The Suezmax US-Europe index rose 150% in a week to $577,792 per day, while the VLCC West Africa-China index climbed 43% to $697,160 per day. The phenomenon was described as a 'cascade' effect, in which VLCC strength pushed Suezmax rates higher, which in turn pushed Aframax rates up.
Other Indices at Historic Levels
The Black Sea-Mediterranean Suezmax index, which includes a premium for the Russia-Ukraine war, reached $801,077 per day, up 115% from the previous week, while the TD3C, which measures the direct voyage from Saudi Arabia to China, hit another all-time high of $1.33 million per day. According to data cited in the analysis, waiting times for ship-to-ship transfers outside Hormuz stand at seven to ten days, and the volumes of such operations rose from 5-6 million barrels per day to 12 million within a month.
Extraordinary Crew Bonuses
The rate surge has also spilled over into the wages of crews making the risky transit through Hormuz. According to data released by the Financial Times and picked up by Maritime Executive, tanker captains can earn base salaries of up to $100,000 per month plus a $50,000 bonus per voyage, while the rest of the crew can earn four to six times their usual pay. The Wall Street Journal estimated the cost of a single shuttle voyage through the strait at $40 million, and found that a Chinese crewing agency is offering $25,000 bonuses per voyage for ordinary seamen.
Record Charters
The extreme rate environment is also reflected in specific deals: specialized media linked a VLCC from the Angelicoussis group to a possible time charter deal at $260,000 per day, in a market where brokers admit they are struggling to estimate how high period rates could go. Meanwhile, Frontline closed a spot charter with Petrobras worth $65.1 million for a VLCC voyage linked to Brazil, equivalent to a rate of $804,000 per day, which was highlighted as a standout benchmark for that type of voyage.
Incidents in the Conflict Zone
Tension in the region remains high, with a tanker operated by Dynacom struck in Hormuz as Iran continues its calls to close the waterway, according to Lloyd's List in its daily news roundup.
