Oil tanker rates reached over $500,000 per day in early October 2026, which is ten times the average for 2025. The increase in demand for tanker capacity and the rise in export volumes from the United States have created additional pressure on the fuel market. In particular, the opening of a protected corridor in Omani waters has facilitated the increase of crude oil exports and ship movements, but at the same time has added pressure to the market.
Significant Increase in Tanker Revenues
Revenues for crude oil tankers have surged due to demand for capacity, rising insurance costs, and operations in war zones. For instance, rates for Suezmax and Very Large Crude Carriers (VLCCs), which have a maximum capacity of 2 million barrels, have even exceeded $500,000 per day. Crude oil exports from Ras Tanura in Saudi Arabia to Rotterdam in 2025 were about $2 per barrel, but in September 2026, this figure rose to over $35. This increase in rates, along with high refining margins, could add more than $0.50 to the base price of a liter of diesel at gas stations.
Read more: Increase in Natural Gas Prices in the United States with Rising Demand for LNG
Tanker Market Trends and New Orders
The tanker market is inherently volatile and has a direct relationship with freight rates. In 2020 and 2021, due to reduced consumption and oil exports, tanker revenues hit their lowest level, with only 4% of the global tanker capacity ordered, the lowest figure since the 1990s. However, with the recovery in oil demand and tanker rates in 2022 and 2023, orders have increased again. This year, in particular, order capacity has doubled, rising from 14% to 28%. While the average age of the crude oil fleet has reached its highest level in over 13 years and more ships are expected to be decommissioned, pressure on supply will continue.
Many of these ships will only be delivered in 2028-2029, likely after the current boom period ends. Geopolitical factors and the evolution of conflicts in the Middle East will play a significant role in the future of the tanker market, but markets may remain strong in 2027.
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