Supertankers head to Middle East amid soaring freight fees
Very large crude carriers are sailing to the Middle East as high freight rates create a global vessel shortage, according to reports.
FTMQ Climate, written by our newsroom0 views
Supertankers are racing to the Middle East to take advantage of high fees for transporting crude oil through the Strait of Hormuz. Rigzone News reported on October 8, 2026, that the movement of vessels has intensified a global shortage of ships and caused freight rates to spike. [1]
Crude oil shipments passing through the Strait of Hormuz have returned to near pre-war levels in recent weeks, even as attacks on maritime shipping continue. Rigzone News noted that shipping risks have driven up tanker charges, making the cost to move crude oil from the Persian Gulf to East Asia more than six times higher than it was before the conflict began. [1]
More than 40 percent of the global fleet of roughly 850 very large crude carriers are currently located within or near the Persian Gulf, according to Rigzone News. [1]
The military conflict in Iran and the temporary closure of the Strait of Hormuz caused the largest supply disruption in the history of the global oil market, according to the International Energy Agency. [4]
In short
- Moving crude oil from the Persian Gulf to East Asia costs over six times more than before the conflict.
- More than 40 percent of the world fleet of 850 supertankers is in or near the Persian Gulf.
- Crude flows through the Strait of Hormuz have recovered to near pre-war levels.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Supertankers Racing to Middle East Worsen Ship CrunchRigzone News, 5h ago (the report this story comes from)
- [2]Supertankers Racing to Middle East Worsen Global Ship CrunchgCaptain, 7h ago
- [3]Supertankers Racing to Middle East Worsen Global Ships CrunchBloomberg.com, 19h ago
Background
- [4]Economic impact of the 2026 Iran war on Wikipedia
- [5]Stavros Niarchos on Wikipedia
Our newsroom writes these reports with the help of software, from the 5 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
Related from FTMQ Climate
Earlier reports of ours on the same people and subjects.
- Oil prices decline despite rising security threats in the Strait of HormuzOil & Gas, 1d ago
- Middle East Oil Exports Rebound Despite Continued Strait of Hormuz DisruptionsOil & Gas, 3d ago
- Global gasoline car sales drop below half amid fuel price surgeOil & Gas, 4d ago
- Oil Tankers Face Ongoing Security Risks Transiting Strait Of HormuzOil & Gas, 4d ago
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