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Strait of Hormuz crisis Tankers and Gas Red Sea Risk

The more convoluted crude routes become, the higher VLCC rates go

  • MEG crude is getting to buyers in Asia, but indirectly, with inefficient intermediate steps
  • Refinery margin ceiling on VLCC rates is much higher than in past upcycles, allowing freight rates to reach unprecedented levels
  • Baltic Exchange’s TD3C MEG-China VLCC index hit an all-time high of $624,388 per day or Worldscale 606 on Monday

  • Analysis

Crude oil is taking a long and winding path from the Middle East Gulf to Asia, including ship-to-ship transfers, pipeline transits and long seaborne detours. Trading inefficiencies are translating into even more profits for VLCC owners

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    This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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