Gulf Oil Producers Find Alternative Routes Around Strait of Hormuz as VLCC Rates Surge

Source Summary

Gulf oil producers are developing alternative routes to bypass the Strait of Hormuz, the world's largest oil chokepoint. VLCC (Very Large Crude Carrier) rates have surged significantly, with assessed earnings for Middle East-to-China voyages exceeding $500,000 per day as vessel traffic from the Gulf has declined to only a couple per day. Saudi Aramco has resumed crude loadings at its Ras Tanura export terminal.