Affected by the U.S.-Iran conflict, freight rates for oil tankers in the Persian Gulf region have surged sharply in recent times. According to data from the Baltic Exchange, on August 29, the daily charter rate for a Very Large Crude Carrier (VLCC) sailing from Saudi Arabia to China soared to a record high of $656,000, more than ten times the level of the same period last year, reflecting extremely tight market demand for vessels transiting the Strait of Hormuz.

Shipping market sources pointed out that as most shipowners and crew members are reluctant to enter the Strait of Hormuz, the available capacity has dropped sharply, allowing companies that dare to take on orders for this route to charge exceptionally high premiums. South Korea's Sinokor Merchant Marine has emerged as a prominent beneficiary of this trend—according to market participants, the group took the lead in chartering out several vessels at high rates late last week, directly driving up the benchmark rate. As early as the beginning of this year, Sinokor, led by Ga-Hyun Chung, embarked on the largest-ever bet on oil tankers, purchasing dozens of vessels in large numbers before the conflict broke out. These capacities are now generating substantial profits amid the high-rate environment.

Currently, transporting crude oil through the Strait of Hormuz effectively involves two layers of costs: first, a fixed one-time fee for the vessel's passage through the waterway; second, the onward cost to the destination, calculated at a relatively lower rate after the cargo is transferred to another tanker outside the Strait of Hormuz. Data shows that the current daily charter rate for the Oman-to-China route is about $220,000, compared with $131,000 a month ago.

Lars Barstad, Chief Executive Officer of Frontline Management AS, one of the world's largest crude tanker operators, said during an earnings call: "Looking back at what we considered the strongest market in 2004, it is now twice that level." He also noted that average earnings data are significantly distorted by ultra-high rates within the Persian Gulf, adding that "the current market has far surpassed all previous years." Patrick Pouyanne, CEO of France's TotalEnergies, revealed that the cost of transporting each crude oil cargo through the Strait of Hormuz has now reached approximately $20 million, and two tanker market participants said that figure continues to climb this week.

In addition to the tightness on direct Persian Gulf routes, attacks by Yemen's Houthi rebels on Saudi oil tankers have forced Saudi Arabia to reroute some of its exports northward via the Mediterranean or around the southern tip of Africa via the Cape of Good Hope, adding about 30 days to the voyage and further consuming global effective capacity. Moreover, the practice of many vessels transferring cargo to waiting tankers just outside the Strait of Hormuz has also led to extended shipping schedules and reduced delivery efficiency, exacerbating supply chain disruptions.

Analysts believe that unless geopolitical risks subside, the high-level operation of Persian Gulf oil tanker freight rates remains difficult to reverse, and global energy transportation costs will continue to face upward pressure.