Gulf oil producers adapt to bypass Strait of Hormuz
pre-market1 source ↓written by the desknot a recommendation
- as vessel traffic
- $500,000 per day
- for inside-Hormuz cargoes
- $31 million per voyage
Gulf oil producers are navigating new routes around the Strait of Hormuz, leading to ballooning VLCC rates. Earnings for Middle East-to-China voyages have surged beyond $500,000 per day as vessel traffic dwindles. Saudi Aramco's resumption of loadings at Ras Tanura has driven fixing costs to $31 million per voyage for inside-Hormuz cargoes.
Not investment advice. For informational purposes only.