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Tankers and Gas Strait of Hormuz crisis Frontline

Hormuz crisis surprise: how VLCC rates stayed at $100K per day

  • Only 11 more VLCCs are competing for non-Middle East cargoes amid Hormuz crisis, with added competition offset by longer voyage distances, says Frontline
  • Many VLCCs on long-term charters for Middle East-Asia trade have not been redeployed to Atlantic spot trades; they continue to await a strait reopening 
  • Hormuz crisis reduced crude flows by 13.8m bpd but the net decline is less than half that, 6.2m bpd, due to gains outside of the strait

  • Analysis

A multi-month blockade of the strait was expected to be negative — potentially highly negative — for VLCC spot rates. Frontline chief executive Lars Barstad explains why this hasn’t happened

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