Oil tanker rates reached their highest level on September 12, 2026, hitting $451,000 per day for very large crude carriers (VLCCs). This surge in rates is due to improvements in export volumes and rising tensions in the oil transportation market.
Rate Details and Market Impacts
Global VLCC rates have increased by 68 percent compared to last week, reaching a new record. Freight rates for western routes (USG to China: $37.5 million, $19 per barrel) and eastern routes (Oman to Korea: $572,000 per day) are all at their peak. Additionally, the ClarkSea Index has risen to $56,567 per day, a 91 percent increase compared to last year. These increases are influenced by the surge in the oil tanker market and high rates in other transportation sectors such as containers, bulk carriers, and LPG tankers.
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Middle East Developments and Their Consequences
Developments in the Middle East have been highly unstable, accompanied by an increase in attacks on ships and oil prices rising above $100 per barrel. Despite adequate oil flow from the Gulf region, geopolitical tensions in the Red Sea are escalating. Tanker markets remain at high levels, and these disruptions have contributed to further increases in VLCC rates.
This week, it has been reported that 8 more ships have been damaged in the Gulf, bringing the total number of damaged or detained vessels to over 100. Ship traffic from the Strait of Hormuz has been severely restricted, but the steady flow of VLCCs transporting oil for STS transfer to the Gulf of Oman continues. Other types of vessels and cargoes are facing greater restrictions.
Despite significant disruptions, energy markets continue to perform well, and it appears that around 8 million barrels of oil are passing through the Strait of Hormuz. This figure is only a reduction of 7 million barrels compared to pre-crisis levels. Additionally, 2.5 million barrels are exiting from the Fujairah/Oman pipeline and 3 million barrels from Yanbu, bringing the total crude oil output from the Middle East to 13.5 million barrels per day.
Given these developments, it seems that oil markets are moving towards an economic equilibrium point where sufficient oil volume and existing disruptions will lead to increased oil tanker rates.
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