What is the current daily earnings rate for oil tankers on the benchmark Saudi Arabia–China route, and how does it compare to a year earlier?

Ships hauling cargoes from Saudi Arabia to China were earning a record $647,000 a day on Thursday, more than ten times the rate a year earlier, according to Baltic Exchange data.

Why are tanker owners demanding huge premiums to sail through the Strait of Hormuz, and what structural changes in shipping logistics are contributing to soaring rates?

Few shipowners are willing to risk the hazardous journey through the Strait of Hormuz amid the Iran war, leading them to demand huge premiums; additionally, vessels often switch cargoes onto different tankers once outside Hormuz — a process that consumes vessel supply — while Houthi attacks have forced Saudi exports to reroute north through the Mediterranean and around Africa, adding about 30 days to journeys to Asia.

Gulf Oil Tankers Near $650,000 a Day as Iran War Disrupts Flows

Aug 28, 2026

Oil tanker rates surge to record levels near $650,000 daily amid Iran war disruptions and Sinokor Group's strategic positioning, causing significant cost increases for global oil transport through the Strait of Hormuz.

bloomberg

2026-08-28

Gulf Oil Tankers Near $650,000 a Day as Iran War Disrupts Flows

Gulf Oil Tankers Near $650,000 a Day as Iran War Disrupts Flows

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