Tanker owners post record earnings as Hormuz disruption forces detours

AI Summary

With the disruption in the Strait of Hormuz, product tanker owners are enjoying record earnings as they reroute long-haul voyages to compensate for reduced Middle East volumes. Reports indicate that companies are achieving daily charter rates exceeding $100,000.

Product tanker owners are posting record earnings as the closure of the Strait of Hormuz forces long-haul voyages from the Atlantic Basin to replace Middle East volumes, executives at two major ship owning companies said in May 7 earnings calls. International Seaways reported a blended average spot time charter equivalent rate above $100,000/day fleetwide in ...