{"id":2762,"date":"2026-06-23T15:10:21","date_gmt":"2026-06-23T15:10:21","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2762"},"modified":"2026-06-23T15:10:21","modified_gmt":"2026-06-23T15:10:21","slug":"gulf-oil-tanker-rates-nearly-double-as-middle-east-producers-ramp-up-exports","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2762","title":{"rendered":"Gulf oil tanker rates nearly double as Middle East producers ramp up exports"},"content":{"rendered":"<div><div><div><ul><li>Summary<\/li><\/ul><\/div><div><\/div><\/div><div>LONDON\/NEW DELHI, June 23 (Reuters) &#8211; Oil tanker operators are reaping record \u200bprofits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf \u200cregion this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources.<\/div><div>Traffic through the vital strait has been modest since Iran lifted its effective blockade last week after agreeing to a 60-day ceasefire with the U.S., as talks on a \u200bpermanent deal to end their war continue.<\/div><div>The number of ships going through Hormuz is a fraction of the daily \u200baverage of 125 before the conflict began on February 28. As many as 100 tankers \u2060remain stuck inside the Gulf with cargoes onboard, according to market estimates, adding to a shortage of available vessels as \u200bMiddle Eastern crude producers ramp up exports.<\/div><div>Rates for hiring a tanker outside the Strait of Hormuz have jumped to $190,500 a day \u200bfrom $106,500 a week ago, according to ship brokers and industry sources, with those hired outside the Gulf region also surging.<\/div><div>Average daily earnings for very large crude carriers (VLCCs) have jumped to a record of nearly $470,000 a day for cargoes inside the Gulf that need to go through Hormuz, rising \u200bby over $50,000 from a week ago, according to estimates from the ship brokers and industry sources.<\/div><div>&#8220;Tanker owners are preparing for \u200ban influx of Middle East crude cargoes in the coming weeks and are emboldened by the fact that spot TCEs (earnings) averaged above $100,000\/day despite \u200cthe loss \u2060of &#8230; cargo volume since the U.S.-Iran hostilities commenced,&#8221; ship broker Clarksons said.<\/div><div>&#8220;This indicates the (tanker) supply side remains exceptionally tight and a re-opening of Hormuz would tighten capacity further,&#8221; it said in a note.<\/div><h2>MIDDLE EAST PRODUCERS&#8217; FLURRY OF TENDERS<\/h2><div>Middle Eastern producers, particularly Abu Dhabi National Oil Company, have offered crude in a flurry of tenders this month and are urging buyers to load from inside \u200bthe Gulf, spurring demand for \u200btankers.<\/div><div>South Korean shipping group \u2060Sinokor \u2014 one of the world&#8217;s biggest operators of supertankers \u2014 did not respond to a request for comment. Its Belgium B supertanker entered the Gulf on Monday in the latest of the \u200bgroup&#8217;s vessels looking to load and was sailing towards Iraqi terminals, ship tracking data on \u200bMarineTraffic showed on \u2060Tuesday.<\/div><div>While tanker rates have risen, war risk insurance costs have softened in the past five days to around 3% of the value of a ship from around 5% over a week ago, excluding discounts, insurance industry sources said. This would mean a reduction in \u2060hundreds of \u200bthousands of dollars in insurance costs for ships.<\/div><div>Buyers in India, including its \u200bbiggest refiner Reliance, have been seeking crude from the region following months of disruption in supplies. Reliance did not respond to a Reuters request for comment.<\/div><div><address><div><div><noscript>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"120\" height=\"120\" alt=\"Nidhi Verma\" class=\"wp-image-1439\" src=\"https:\/\/reliablemovingcrews.com\/wp-content\/uploads\/2026\/06\/8af80fdf02cd4eb391e77f1901146d8d.avif\"\/><\/figure>\n<\/noscript><\/div><div>Nidhi Verma<\/div><\/div><div><ul><li><span><div><svg><title>Email<\/title><\/svg><\/div><\/span><\/li><li><span><div><svg><title>X<\/title><\/svg><\/div><\/span><\/li><li><span><div><svg><title>Linkedin<\/title><\/svg><\/div><\/span><\/li><\/ul><\/div><\/address><\/div><\/div><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2760\">What is the \u2018Omega Block\u2019 causing Europe\u2019s intense heatwave?<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2758\">Wall St tumbles on tech selloff as concerns about hawkish Fed, AI spending mount<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2756\">The Magnificent Seven Monitor<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Oil tanker operators are reaping record \u200bprofits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf \u200cregion this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources.<\/p>\n","protected":false},"author":1,"featured_media":2761,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21,46,52,29],"class_list":["post-2762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-energy","tag-fuel-oil","tag-refining","tag-transport-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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