Earnings for Very Large Crude Carriers (VLCCs) operating on the benchmark route from Saudi Arabia to China reportedly surged to a record high of $647,000 per day on Thursday, as cited by Bloomberg from Baltic Exchange data. This figure represents a substantial increase, being more than ten times the rate observed a year prior.
The reported daily earnings also showed a significant jump from just ten days earlier, when rates had reached $510,000. This indicates a nearly 27% rise in a short period, highlighting the rapid changes in the supertanker market.
This spike in earnings coincides with an increase in crude shipments from Persian Gulf producers. These producers are reportedly moving more oil through the Strait of Hormuz, despite ongoing regional conflicts, as stated in the source material.
