Daily earnings for Very Large Crude Carriers on the world’s benchmark tanker route have approached $650,000, compared to $20,000 to $40,000 eighteen months ago. The Iran conflict has reduced traffic through the Strait of Hormuz from 125 to approximately 25 ships per day, an 80 percent drop in supply. South Korean tycoon Ga-Hyun Chung, through his Sinokor group, controls an estimated 10 to 15 percent of the global VLCC fleet following an acquisition spree of approximately $7 billion. Frontline, one of the world’s largest publicly listed tanker companies, posted net profits of $559 million in Q1 2026, its best quarterly result since 2004. These elevated rates translate into an additional $4 to $7 per barrel in transportation costs on Gulf-to-Asia routes.
Source: Read the original article
