VLCC Earnings Near $470,000 a Day as Hormuz Hopes Drive Tanker Frenzy

AI Summary

VLCC tanker earnings have surged to nearly $470,000 per day as hopes for reopening the Strait of Hormuz drive a tanker chartering boom. South Korea’s Sinokor Shipping is actively involved in securing bookings amid increasing rates for Persian Gulf to India crude shipments.

Oil tanker rates have soared since the U.S. and Iran announced the memorandum of understanding as oil importers scramble to charter vessels to pick up Persian Gulf cargoes in the hope these can transit the tentatively reopening Strait of Hormuz.  One tanker has been provisionally booked to ship crude from the Persian Gulf to India at a rate that’s nine times the benchmark for the route, shipbrokers told Bloomberg on Wednesday.   South Korea’s Sinokor shipping group, which before the war went on a buying and chartering…