Strait of Hormuz Risk Sends Tanker Charter Rates Above $1M/day — Winners and Costs

Iran war sends oil tanker rates past $1 million a day: Who is paying the bill and who is making money?

Oil tankers in the Strait of Hormuz are now earning over $1 million daily due to heightened risks from the Iran war, with shipping costs skyrocketing from $208,000. 

The Iran war is minting new one-day millionaires: oil tankers brave enough to sail across the Strait of Hormuz

For the first time, hiring an oil tanker costs more than $1 million per day as rocketing insurance premiums and a consolidating market drive up shipping costs.

Strait of Hormuz risk sends tanker charter rates above $1M/day — winners and costs

As the Iran war intensifies, charter rates for very large crude carriers crossing the Strait of Hormuz have surpassed $1 million per day, sharply boosting revenues for the few firms and intermediaries willing to run the route and pressuring refiners and consumers in the Middle East and beyond.