LSEG

China–UAE News

Soaring Tanker Freight Rates Spur Asian Refiners to Pivot to UAE Murban Crude

Record crude tanker freight rates have made shipments of US crude oil to Asia economically unviable, with charter rates from the US Gulf of Mexico to China reaching $80 million for a very large crude carrier. In response, Asian refiners are switching to alternatives including UAE Murban crude, which has traded at an estimated $2 per barrel delivered discount compared with West Texas Intermediate. The shifting demand caused Murban's cash premium over Dubai quotes to rebound above $11 per barrel.

Industry News

Middle East to China VLCC Freight Rates Surpass $1.2 Million Daily

Daily earnings for Very Large Crude Carriers on the Arabian Gulf to China route exceeded $1.2 million per day in late September 2026. According to the Baltic Exchange, round-trip earnings for shipments from Ras Tanura to Ningbo hit $1,235,414 a day amid shipping bottlenecks near the Strait of Hormuz. LSEG data showed spot rates reached an absolute high of $1.27 million on September 21.

Industry News

Tankers Transit Strait of Hormuz on First Day of US Blockade

Shipping tracking data shows three Iran-linked tankers transited the Strait of Hormuz during the initial day of a US blockade targeting vessels calling at Iranian ports. Because the vessels were not sailing to Iranian docks, they were not covered by the maritime blockade. Among the transiting ships was a Chinese-owned tanker carrying methanol loaded at the UAE's Hamriyah port.