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[BUSINESS] · Oman, Iran, China, Saudi Arabia, Brazil · 4 sources

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Part of situation: Strait of Hormuz maritime security and VLCC rate crisis (6 clusters)

Oil supertanker rental costs exceed $1.2 million daily

oil supertanker rentals Strait of Hormuz Very Large Crude Carriers energy market volatility shipping freight costs

Oil supertanker rental costs on routes between the Middle East and Asia have exceeded $1.2 million per day for the first time. This surge is driven by conflict in Iran, which has caused a shortage of Very Large Crude Carriers (VLCC) and forced vessels to take longer, more expensive routes.

Data from shipping broker Braemar indicates that transport costs between the Middle East and China have more than doubled since late August. On certain routes, freight charges now represent between 20% and 40% of the total delivery cost to refineries. This has pushed the delivered price of oil to Asian refineries toward $150 per barrel, despite Brent crude trading near $100.

In the Strait of Hormuz, a new 'shuttle' system has emerged to manage risks. Tankers pick up oil in ports like Ras Tanura, transport it through the Strait, and transfer the cargo to different vessels in the Gulf of Oman to avoid long return trips. This method allows for approximately 2.5 million barrels of oil to be transferred daily in the Gulf of Oman as of September.

Additional costs for navigating the Strait of Hormuz can reach $10 million to $20 million per shipment, including war risk premiums of up to 10% and insurance costs of 5% to 6% of cargo value.

Entities

Braemar · Emirates National Oil Company · Gulf of Oman · Reuters · Strait of Hormuz

Claims

What the coverage asserts, and how many sources carry each claim.

  • [● 2 SOURCES] Freight costs now account for approximately one-fifth of the total crude oil delivery cost to refineries. www.energetika.ba · www.biznis.ba
  • [○ 1 SOURCE] War risk premiums can reach up to 10% of cargo value. energetika.tzb-info.cz
  • [○ 1 SOURCE] Approximately 2.5 million barrels of oil per day were being transferred in the Gulf of Oman in September. energetika.tzb-info.cz
  • [○ 1 SOURCE] The number of cargo ships passing through the Strait of Hormuz dropped to 17 on the weekend of September 19 and 20. energetika.tzb-info.cz
  • [○ 1 SOURCE] Additional costs for passing through the Strait of Hormuz can reach between $10 million and $20 million per shipment. energetika.tzb-info.cz
  • [● 2 SOURCES] Daily rental costs for oil supertankers on Middle East to Asia routes have exceeded $1.2 million for the first time. www.energetika.ba · www.biznis.ba
  • [○ 1 SOURCE] Cargo insurance alone can cost between 5% and 6% of the cargo value. energetika.tzb-info.cz
  • [● 2 SOURCES] Shipping costs between the Middle East and China have more than doubled since the end of August. www.energetika.ba · www.biznis.ba

Sources

Najam naftnih supertankera prvi put premašio 1,2 miliona dolara dnevno [www.energetika.ba]
about 10 hours ago
Půl milionu dolarů denně za tanker. Válka vytvořila kyvadlovou dopravu přes Hormuz [energetika.tzb-info.cz]
about 17 hours ago
Carburanții apasă tot mai greu pe bugetul europenilor: 270 de milioane de euro în plus, plătite zilnic [bani.md]
about 4 hours ago
Najam naftnih supertankera prvi put premašio 1,2 miliona dolara dnevno [www.biznis.ba]
about 10 hours ago