Spot rates for Very Large Crude Carriers in the Persian Gulf jump nearly 100% in one week amid a rush to clear backlogged cargoes.
Spot charter rates for Very Large Crude Carriers in the Persian Gulf have nearly doubled over the past week, reaching approximately USD 55,000 per day. The spike follows a surge in export activity as Middle Eastern producers move crude that had been delayed for months due to logistical bottlenecks and OPEC+ production cuts.
Prior to this week, rates hovered near USD 30,000 per day, reflecting subdued demand and excess tanker capacity. The sudden increase aligns with a 1.2 million barrel-per-day rise in Saudi and Iraqi crude exports in the latest four-week period, according to shipping data.
Freight forward agreements for the region have also climbed, signaling expectations of sustained tightness in vessel availability through the third quarter.