A supertanker chartered by commodity merchant Trafigura to carry crude oil from the U.S. Gulf Coast to China has been fixed for an unprecedented $76 million, according to a report published by the Chamber of Shipping.
The transaction represents a sharp rise from historical rates that typically hovered between $7 million and $10 million. For a cargo carrying 2 million barrels of crude, the freight cost alone equates to approximately $38 per barrel.
Global tanker supply has tightened sharply as Middle Eastern producers implement ship-to-ship shuttle transfers to move crude through the Strait of Hormuz while mitigating vessel exposure to risks.
Although the shuttle strategy has restored Gulf crude flows to China, the operation requires substantial fleet capacity, driving tanker charter rates higher across global oil shipping routes.
Sources
- Chamber of Shipping · 2026-10-07
