Tanker values hit highest since 2008 as Gulf producers race to secure oil export routes, FT reports

Surging demand for crude carriers to move oil out of the Persian Gulf amid persistent maritime attacks has pushed tanker values and charter rates to their highest levels since 2008, the Financial Times reported, citing shipbroker Braemar.

Valuations for both newly built and modern second-hand very large crude carriers (VLCCs) climbed past $130 million in the latest quarter, while one-year time-charter rates hit all-time highs. The price surge reflects a rush by Middle Eastern state producers to build proprietary fleets to retain physical control over their export flows. In contrast, producers lacking independent tonnage, such as Iraq, are offering steep crude discounts to compensate buyers for the heightened transit risks through the Strait of Hormuz, where US-Iran diplomatic talks remain deadlocked.

Abu Dhabi's ADNOC and Kuwait Petroleum Corporation have introduced shuttle operations to ferry barrels past the chokepoint to waiting long-haul tankers. In August alone, ADNOC acquired six supertankers and five large gas carriers for $1.3 billion, successfully preserving export volumes despite attacks on its vessels escalating to nearly daily incidents. Shipbroker Clarksons notes that freight earnings for intra-Hormuz voyages to China now exceed $550,000 per day, with analytics firm Vortexa revealing that more than half of all strait transits are being handled by a concentrated fleet of just 29 tankers.

N.Tebrizli