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Middle East demand drives supertanker prices to record highs
Financial Times data cited by OilPrice shows both new and second-hand very large crude carriers traded above $130 million in the second quarter, and year-long supertanker charters hit their highest level on record.
Demand from Middle East oil exporters is pushing supertanker market prices to record highs, with both new and second-hand very large crude carriers clearing above $130 million in the second quarter, according to data cited from the Financial Times by OilPrice.
Shipbroking data from Braemar, as referenced by the outlets, also indicates that chartering a supertanker for a year has reached the highest level on record, highlighting how tighter availability and longer commitments are getting repriced in the shipping market.
OilPrice links the surge to a shift by Middle Eastern producers toward using their own tanker fleets to move oil amid rising concern among shipping majors about risk around the Strait of Hormuz, where attacks on vessels remain frequent.
The article also points to purchasing activity including ADNOC, which bought six supertankers and five very large gas carriers for a combined $1.3 billion, and notes the role of owned vessels in supporting exports despite blockades. It adds that UAE and Kuwait Petroleum have used shuttle arrangements to send oil to tankers waiting in the Gulf of Oman and that more second-hand vessel purchases are planned.
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