Daily charter rates for very large crude carriers on the benchmark Middle East Gulf-to-China route hit $1.035 million on September 14, according to Baltic Exchange data. The surge is driven by a severe shortage of vessels willing to transit the Strait of Hormuz, the narrow chokepoint between Iran and Oman through which a significant share of the world’s seaborne oil passes. Before the US-Iran conflict escalated around late February 2026, approximately 125 vessels transited the strait daily. Non-Hormuz shipping lanes have recorded rates of approximately $644,000 per day, well above historical norms. South Korea’s Sinokor Group has emerged as a prominent beneficiary of the elevated rate environment.
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