Tankers become strategic assets as Gulf risk drives a lasting split in the market
- Freight markets are pricing in a long-term Middle East Gulf risk premium, with TD3C Cal 2027 rates surging as owners avoid high-risk trades
- National oil companies led by Adnoc are buying tankers and building shuttle networks to reduce reliance on third-party owners and secure export capacity
- Tankers are increasingly being valued as strategic assets, but the economics and risks limit the opportunity to a small group of state-backed and industrial players
As national oil companies seek greater control over transport capacity amid escalating security risks, what was once a largely interchangeable global tanker fleet is increasingly splitting into distinct trading pools
