The cost of chartering a supertanker to transport crude oil from the Middle East to China has escalated, nearing $500,000 per day. This surge comes as regional tensions continue to deter many shipowners from entering the Strait of Hormuz. The
upward trend followed the preliminary chartering of one of its vessels by South Korean group Sinokor, the world's largest owner of supertankers, to carry a cargo from the Gulf to Asia at a reported record rate, according to shipping market
data. This particular deal propelled shipping fees to their highest levels since last June, amid ongoing security tensions hindering navigation through the strategic Strait of Hormuz. Maritime data revealed a noticeable slowdown in traffic through the Strait last week, with
a further decline over the weekend. This coincided with a delay in announcing an agreement between Iran and Oman regarding navigation arrangements. Marine intelligence firm Kepler reported that confirmed crossings dropped from 15 vessels on Friday to 11 on Saturday,
and further to just 6 operations on Sunday. Approximately half of these voyages utilized the northern route approved by Iran, while the routes of 10 other vessels could not be determined.
