VLCC Rates Skyrocket as Strait of Hormuz Disruptions Intensify
Very Large Crude Carrier (VLCC) and Suezmax tanker rates have reached historic highs due to a severe shortage of available vessels following the weekend's reported attacks on Iran by the United States and Israel. Tankers International reported that the 15-year-old, 317,000 deadweight ton (dwt) vessel 'Pantanassa,' owned by Greek company Minerva Marine, was chartered yesterday at a spot rate of $436,000 per day to South Korea's GS Caltex. This represents the highest ever spot rate recorded for a VLCC...