Oil Tanker Rates Hit Record Highs as Middle East Shipping Risks Surge

Seeking Alpha··MEUS·Read original
4▲9 ▼0Impact / 5
Summary · why it matters

The cost of shipping oil in supertankers surged to fresh record highs this week following the biggest wave of attacks on Middle East shipping since the start of the U.S.-Iran war, Bloomberg reported. Earnings for Very Large Crude Carriers on the benchmark Middle East-to-China route hit a record of nearly $800K/day, while the U.S. Gulf-to-Asia run fetched offers at a record lump-sum fee of $29.5M, nearly $15/bbl before additional war risks or delay fees. The Baltic Exchange, which has begun publishing an index covering the voyage from the Gulf of Oman to east Asia, estimates daily earnings on that route spiked 85% to nearly $386K/day this week. VLCC freight rates for the Middle East to Amsterdam-Rotterdam-Antwerp route also spiked to a fresh high, and the escalation had a wider knock-on effect as rates on the West Africa to Asia route reached a record high as well, according to a Reuters report citing Baltic Exchange data. Freight analysis from data intelligence firm Kpler suggests dayrates for VLCCs will stay above $100K into next year, more than double historic levels that rarely went above $45K.

Impact on assets 18

Energy▲ · 13 stocks
Nordic American Tankers Limited
NAT
▲ PositiveDemandrelevance

Record VLCC tanker rates and surging Middle East shipping risk lift earnings prospects for tanker owners like Nordic American.

Scorpio Tankers Inc
STNG
▲ PositiveDemandrelevance

Record-high tanker freight rates and elevated dayrates benefit product/crude tanker operator Scorpio Tankers.

Teekay Tankers Ltd
TNK
▲ PositiveDemandrelevance

Record VLCC earnings and Middle East shipping risk premium directly lift Teekay Tankers' revenue outlook.

Frontline Ltd
FRO
▲ PositiveDemandrelevance

Record VLCC freight rates on Middle East routes and West Africa-Asia spike lift Frontline's crude tanker earnings.

International Seaways Inc
INSW
▲ PositiveDemandrelevance

Record crude tanker freight rates and elevated dayrates lift earnings prospects for this tanker owner.

Torm PLC Class A
TRMD
▲ PositiveDemandrelevance

Torm's product tanker fleet benefits from the broader surge in tanker freight rates and shipping risk.

Industrials▲ · 2 stocks
Navios Maritime Partners LP Unit
NMM
▲ PositiveDemandrelevance

Record VLCC dayrates and freight rates boost demand/pricing power for tanker fleet operators such as Navios Maritime Partners.

Okeanis Eco Tankers Corp.
ECO
▲ PositiveDemandrelevance

As a VLCC-focused operator, Okeanis benefits from record-high VLCC dayrates on Middle East routes.

Energy Transition & Power Demand▲ · 2 stocks
Artificial Intelligence▲ · 1 stocks

Off-coverage companies 2

Bloomberg L.P.Private± Mixed
relevance

KplerPrivate± Mixed
relevance

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