Supertanker charter rates approached $500,000 per day in early March 2026, with the TD3C Middle East-China benchmark exceeding $423,000 on March 2 before climbing above $481,000 in the following trading session. Airstrikes targeting Iranian assets around February 28 triggered a crisis that brought transit through the Strait of Hormuz to a near-complete halt, effectively shutting the world’s most critical oil corridor. Insurers withdrew or severely limited coverage, leaving most shipowners unable to meet oil majors’ internal policies requiring full insurance before cargo loading. Global average supertanker rates reached approximately $280,941 per day, the highest level since at least 2008. By mid-2026, early signs of stabilization emerged as additional tankers began transiting the Strait and crude prices pulled back slightly from their peaks.
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