Gulf-to-China Supertanker Rates Hit $510,000 a Day

Source Summary

The daily rate for chartering a very large crude carrier (VLCC) from the Persian Gulf to China surged to $510,000 per day on Monday, the highest level in two months, as exporters seek vessels to deliver oil to Asian buyers amid deteriorating security conditions in the Strait of Hormuz, according to Baltic Exchange tanker rate data.