Business · Energy & Commodities · 1 day ago
Oil tanker hire rates surge to $1 million a day amid Iran war
Oil tanker owners are earning unusually high rates as disruptions linked to the Iran war complicate oil shipments from the Middle East.
The largest tankers can carry about two million barrels of crude oil.
A year ago, hiring one to carry oil from the Persian Gulf to China cost about $100,000 a day; now it costs about $1 million.
Problems around the Strait of Hormuz have made routes longer and kept ships busy for more time, leaving fewer tankers available.
Some oil is moved by shuttle between the Persian Gulf and the Gulf of Oman, then transferred to other ships for onward transport.
Saudi Arabia is also sending oil from its west coast north toward the Suez Canal, where it must be transferred to smaller ships or sent through a pipeline because the canal is too small for the largest tankers.
These changes are raising transport costs beyond the Middle East, including in the Atlantic and for smaller ships.
Export volumes are estimated to be close to pre-war levels, but the disrupted routes require more ships and time.
Oil tanker charter rates have surged, with a very large crude carrier travelling from the Persian Gulf to China costing about $1 million a day.
The same journey cost about $100,000 a day a year earlier.
The Iran war and disruption around the Strait of Hormuz have lengthened oil routes and kept ships occupied for longer.
Limited available tanker capacity has driven rates higher on other routes as well.
Owners of oil tankers are the biggest beneficiaries of the price surge, according to NZZ.
- Who
- Oil tanker owners are benefiting from the surge; charterers pay the higher rates.
- What
- Charter rates for oil tankers have reached about $1 million a day for a very large crude carrier travelling from the Persian Gulf to China.
- When
- The article was published on 2026-10-10. It says the rate was about $100,000 a day a year earlier.
- Where
- On routes from the Persian Gulf to China and other oil shipping routes, including those affected by disruption around the Strait of Hormuz.
- Why
- The Iran war and problems around the Strait of Hormuz have lengthened routes, tying up tankers for longer and reducing available capacity.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
Chartering a very large crude carrier from the Persian Gulf to China cost about $100,000 a day.
The same journey costs about $1 million a day, as longer routes leave fewer tankers available.
- Daily rate now
- About $1 million for a very large crude carrier from the Persian Gulf to China
- Daily rate a year earlier
- About $100,000 for the same journey
- VLCC capacity
- About 2 million barrels of crude oil
- Cause of disruption
- Iran war and problems around the Strait of Hormuz
Sources
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