Tanker Freight Rates Jump as Strait of Hormuz Tensions Escalate; Giant Crude Carrier Rates Spike Again

Tanker freight rates climbed again as military tensions between the US and Iran resumed and traffic through the Strait of Hormuz thinned. According to a weekly tanker-market report (through about July 13), daily rates for very large crude carriers (VLCCs) rose about 11.7% from the prior week to around $137,000 a day, while mid-sized Aframax tankers surged about 44.7% to roughly $60,000 a day.

It is the second major spike in VLCC rates since the crisis began; oil flows through the Strait of Hormuz remain far below pre-crisis levels.