Charter rates for very large crude carriers on the route from the Middle East to China reached $1.035 million per day as of September 14, 2026. This surge follows a severe shortage of vessels capable of transiting the Strait of Hormuz due to the ongoing conflict between the US and Iran.
Before the escalation in late February 2026, approximately 125 vessels passed through the strait daily. Current security risks and blockades have forced operators to adopt a two-vessel relay system, where smaller tankers transfer cargo to larger vessels outside the conflict zone.
Earlier in 2026, rates for these tankers reached $650 000 per day during periods of tension, while calmer stretches saw earnings exceed $480 000. Shipping lanes outside the Strait of Hormuz currently record rates of approximately $644 000 per day.
The South Korean company Sinokor Group is currently deploying ships to capitalize on the high-rate environment. However, the supply of new supertankers remains limited, as construction typically requires two to three years from the initial order to delivery.
