Oil Tanker Rates Retreat as Middle East Tensions Cool ...Middle East

Spot rates for very large crude carriers (VLCCs) sailing from the Persian Gulf to Asia have fallen sharply in recent days, as military tensions near the Strait of Hormuz subside and shipping flows resume a more stable pattern. Charterers that had paused bookings or rerouted vessels in mid-June amid fears of an Iranian blockade have begun re-entering the market, easing pressure on freight. According to tanker brokers cited by gCaptain, VLCC rates for Gulf-to-China routes have dropped to approximately $63,000 per day, down from nearly $100,000 just…

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