VLCC and suezmax spot rates have surged to all-time highs following the US-Israel strike on Iran, with Pantanassa fixed at a record $436,000/day by GS Caltex. Tanker availability in the Strait of Hormuz has collapsed, threatening crude supply chains serving Asian and European refiners. Logistics operators should immediately review freight contracts, secure forward tonnage, and assess Cape of Good Hope rerouting costs.
Rate Direction
Rates up +85.00%
Time Horizon
immediate
Confidence
82%
Routes Affected
Strait of Hormuz / Persian Gulf / Indian Ocean / Cape of Good Hope / Suez Canal
Ports / Terminals
Bandar Abbas / Fujairah / Jebel Ali / Ras Tanura / Kharg Island
Carriers
Minerva Marine / Tankers International
Source
https://splash247.com/vlcc-records-tumble-amid-hormuz-paralysis/published 04 Mar 2026, 07:23 UTC