Shipping
Gulf oil tanker rates nearly double as Middle East producers ramp up exports
Oil tanker operators are reaping record profits after nearly doubling hire costs for vessels through the Strait of Hormuz this week as traffic picks up following Iran's 60-day ceasefire with the U.S. Rates for hiring tankers outside Hormuz jumped to $190,500 a day from $106,500 a week ago, while average daily earnings for very large crude carriers reached nearly $470,000 a day for Gulf cargoes. Middle Eastern producers, particularly Abu Dhabi National Oil Company, are spurring demand through a flurry of tenders this month.
