business ๐ข Gulf-to-China Tanker Rates Skyrocket to $510k
The daily charter rate for supertankers shipping crude oil from the Persian Gulf to China has sharply increased this week. This surge is seen in the benchmark Middle East Gulf-to-China rate for a VLCC, reported by the Baltic Exchange. On Monday, the rate hit as high as $510,000 per day, marking the peak since late June. This escalation is driven by worsening security in the Strait of Hormuz and demand from Persian Gulf producers for Asian markets. Risk-tolerant tanker owners stand to gain significant earnings from this high-stakes shipping route. ๐ข