Charter rates for very large crude carriers (VLCCs) have surged to their highest level this year, highlighting the severe shortage of available tankers in the Persian Gulf as oil exports rebound following the easing of regional tensions.
According to shipbrokers, a VLCC owned by South Korea’s Sinokor has been provisionally booked to transport around two million barrels of crude oil from the Persian Gulf to India at 897 Worldscale (WS) points—equivalent to nearly nine times the benchmark freight rate. The fixture marks the highest reported tanker charter rate of 2026 so far.
Worldscale rates serve as the global benchmark for tanker freight, with charter costs expressed as a percentage of the standard rate for specific trade routes. In this case, the booking was priced against the Persian Gulf-to-Singapore benchmark.
The sharp rise in freight costs reflects a shortage of empty tankers in the region after many shipowners repositioned their vessels to alternative trade routes during the nearly three-month disruption to shipping through the Strait of Hormuz. Returning these vessels to the Gulf could take several weeks, tightening vessel availability.
Sinokor, which has expanded its presence in the tanker market since late 2025, has remained active in the Persian Gulf despite the conflict. A message circulated to shipbrokers this week indicated the company was offering VLCCs to load crude from Iraq’s Basrah terminal, with plans to transit the Strait of Hormuz, signaling renewed confidence in the key shipping corridor.
Following the interim agreement between Iran and the United States last week, oil buyers have rushed to secure tankers to lift cargoes that had been delayed since the outbreak of the Iran conflict in late February. At the same time, Gulf producers are accelerating exports, further increasing demand for available crude carriers.
The combination of recovering export volumes and limited tanker supply has driven freight rates sharply higher, adding significant transportation costs for crude shipments from the Middle East to major importing nations, including India.
