▲ An oil tanker in the Strait of Hormuz (File photo)
As disruptions to maritime supply chains prolong due to the war involving Iran, charter rates for Very Large Crude Carriers (VLCCs) operating between the Middle East and Asia have surpassed 1.2 million USD (approx. 1.62 billion KRW) per day, hitting an all-time high, the UK's Financial Times (FT) reported on the 23rd (local time).
According to shipbroker Braemar, charter rates for 2 million-barrel supertankers traveling between the Middle East and China have nearly doubled since late August, soaring to this level.
Last year, VLCC charter rates hovered between 20,000 USD and 50,000 USD per day.
Prior to the outbreak of the war in February, rates had risen to 120,000 USD per day due to vessel shortages, but this is still vastly lower than current figures.
The skyrocketing tanker charter rates are driven by a shortage of ultra-large vessels.
While the number of available supertankers is limited, the prolonged Iran war has extended crude transport durations because oil must be shipped from locations other than the Middle East.
Martijn Rats, an analyst at Morgan Stanley, explained, "Indian refiners are importing crude from Brazil, Guyana, West Africa, and the North Sea, which means crude transportation takes 30 to 40 days."
Although some tankers still transport Middle Eastern crude, another issue is that passing near the Gulf of Oman takes longer than in the past.
Crude passing through the Strait of Hormuz is currently transshipped in the Gulf of Oman before being moved to other countries.
According to shipbroker Clarksons, about 15% of the global tanker fleet is waiting off the coast of Oman for transshipment.
Rats explained, "While waiting for cargo, supertankers are idling for about 10 days doing nothing."
As crude transportation costs increase, refiners have begun cutting production of refined products such as gasoline and diesel due to worsening profitability, which in turn is driving refined product prices to record highs.
Conversely, crude oil prices are seeing a gradual decline due to reduced demand.
Hengli Petrochemical, one of China's largest refiners, lowered the operating rate of its 400,000-barrel-per-day refinery in Dalian to 80% as refining margins deteriorated.
Amrita Sen, founder of energy consulting firm Aspects, described the current situation by saying, "Everyone wants crude oil, but no one wants to buy it."
(Photo: AP, Yonhap News)
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.