Shipping rates for Very Large Crude Carriers (VLCCs) have surged to record levels, as higher transit risks and reduced availability of vessels capable of operating through key Middle Eastern routes have tightened tanker supply and increased the cost of transporting crude to Asian markets.
The daily time-charter equivalent (TCE) rate for the benchmark TD3C route from the Arabian Gulf to China exceeded $1 million for the first time on September 14, reaching approximately $1.035 million per day.
Rates continued to rise in the following days, surpassing $1.2 million per day on September 18, an exceptional level compared with approximately $45,000 per day before the war.
Shipping rates for Very Large Crude Carriers (VLCCs) have surged to record levels, as higher transit risks and reduced availability of vessels capable of operating through key Middle Eastern routes have tightened tanker supply and increased the cost of transporting crude to Asian markets.
The daily time-charter equivalent (TCE) rate for the benchmark TD3C route from the Arabian Gulf to China exceeded $1 million for the first time on September 14, reaching approximately $1.035 million per day.
Rates continued to rise in the following days, surpassing $1.2 million per day on September 18, an exceptional level compared with approximately $45,000 per day before the war.
