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Impact of Israel-Iran Conflict: Tanker Charter Rates from Persian Gulf to China More than Doubled in a Week
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The prices to charter large oil tankers navigating through the Strait of Hormuz have more than doubled since Israel launched an attack on Iran last week, Financial Times reported, citing reason of ship owners being unwilling to risk using this route or demanding higher risk premiums. Clarksons Research data showed that the charter price for a very large crude carrier (VLCC) capable of carrying 2 million barrels of oil from the Gulf to China surged from US$19,998 per day, two days before Israel's attack on Iran last Wednesday (11th), to US$47,609 per day by Wednesday (18th). The rate to charter a large long range 2 (LR2) tanker carrying oil products from the Gulf to China ascended from US$21,097 a day last Wednesday (11th) to US$51,879 this Wednesday (18th), according to Clarksons. Both increments were way more than the 12% upsurge in the Baltic Dirty Tanker Index, which tracks global crude oil tanker rates, over the same period. AASTOCKS Financial News Website: www.aastocks.com |
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