OIL TANKER FREIGHT RATES SOAR AS CONTAINER LINES MONITOR MIDDLE EAST TENSIONS FOLLOWING U.S. STRIKE ON IRAN

Tanker freight rates have surged following the U.S. strike on Iran, while container shipping lines continue operations through the Strait of Hormuz but are closely monitoring the situation amid disruption risks.

 

 

Spot freight rates for large crude oil tankers from the Persian Gulf to China have surged by 50% over the past week amid rising tensions in the Middle East. However, major container shipping lines continue their voyages through the region, despite Iran's threat to close the vital Strait of Hormuz.

 

Rates for Very Large Crude Carriers (VLCCs) on the route from the Middle East to the Far East began rising even before the United States bombed Iranian nuclear facilities on June 21.

 

The cost for a 270,000-ton VLCC has increased by 22 points—equivalent to around 50%—on the global Worldscale (WS) index, reaching approximately WS75 from a base of 100. According to published reports, this translates to a time charter equivalent (TCE) of over $57,000 per day for a round trip.

 

On June 11, that rate was only around $21,000 per day.

 

Futures prices for crude oil reached $76.42 per barrel on Sunday, up from the previous close of $73.84.

 

On the same day, Iran’s parliament passed a measure to close the Strait of Hormuz, the narrow chokepoint connecting the Persian Gulf to the Arabian Sea and global shipping lanes. According to the Strauss Center for International Security and Law at the University of Texas, approximately 17 million barrels of oil—about a quarter of the world’s supply—pass through this waterway each year.

 

U.S. Secretary of State Marco Rubio on Sunday urged China, Iran's largest oil customer, to prevent Tehran from shutting down the strait.

 

Any closure would require approval from Iran’s security agencies—something that last occurred in 1984.

 

The Gulf region accounts for 2–3% of global container throughput annually, and shipping lines are watching developments closely.

 

“We continue to monitor the situation very closely, particularly given the involvement of the United States in the conflict,” said Danish shipping giant Maersk in a statement. “At this point, voyages through the Strait of Hormuz remain ongoing, but we are prepared to reassess based on new information. Likewise, we are continuously evaluating security risks to our vessels in the area and are ready to take operational actions if needed.”

 

French-based shipping company CMA CGM said that “shipping operations in the region are currently proceeding as normal, and our activities and logistics chain remain unchanged. We continue to ensure full service coverage across all routes and ports of call.”

 

Source: Freightwaves

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