The daily rental rate for tankers transporting crude oil has exceeded one million dollars for the first time in history. This increase has occurred as the supply of oil transport ships has sharply decreased, and the owners of these ships are reluctant to take risks in the Strait of Hormuz.
Details of high tanker rates
According to information from the Baltic Index, the rental rate for tankers chartered to load crude oil from the Persian Gulf reached 1.035 million dollars per day. The rental rates for tankers outside the Persian Gulf have also significantly increased; for instance, the daily rate for a tanker transporting crude oil from the Gulf of Oman to China has reached 644 thousand dollars.
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Factors influencing rate increases
Other regions are also witnessing significant increases in tanker rates. For example, in the port of Novorossiysk, Russia, costs have significantly risen due to the risk of drone attacks from Ukraine. In the week ending September 6, the key tanker rates for transporting crude oil from Novorossiysk to West India and North China increased by 2.7% and 3.1%, respectively, compared to the previous week.
The increase in transport rates means a rise in the final price of crude oil for buyers, adding to the economic troubles of purchasers. The war between the United States and Israel against Iran has entered its seventh month, and there is no near-term prospect for peace.
Impact of cyberattacks
In this context, U.S. federal officials have announced that they are investigating a potential cyberattack on tankers traveling from Europe to the United States. Reports indicate that at least two ships have been targeted by cyberattacks and were inspected upon entering Gulf shores in August. Inspections revealed that the tankers, one loaded with crude oil and the other with liquefied gas, were attacked around Gibraltar.
Impact on energy markets
The increase in tanker rates has prompted energy market players to purchase their own ships to avoid high rental costs. The price of second-hand ships has risen due to the blockage of the Strait of Hormuz, with some second-hand ships now priced higher than new ones. For example, a large second-hand crude oil tanker is now priced at around 182 million dollars, while a new ship costs 130 million dollars.
These developments indicate that the imbalance in the tanker market due to the blockage of the Strait of Hormuz has sharply increased, and this imbalance has been intensifying since March. Saudi Arabia is attempting to repair its East-West pipeline and has canceled oil shipments that were scheduled to be sent to Europe this month.
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