ChainCatcher, citing data from the Baltic Exchange in London, reported that benchmark oil tanker rental costs have risen above $1 million per day for the first time. The move was linked to a shortage of tankers willing to pass through the Strait of Hormuz to load cargoes. According to the brief, the shortage followed the Iran war, which reduced the number of vessels prepared to take on voyages through the waterway. The report tied the jump in rates directly to tighter vessel availability on a key industry benchmark route. No additional pricing details, route breakdowns, or ship counts were disclosed in the source brief.
According to ChainCatcher, citing data from the Baltic Exchange in London, benchmark oil tanker rental costs on a key industry route have exceeded $1 million a day for the first time.
The report said the increase came as the Iran war left too few tankers willing to pass through the Strait of Hormuz to pick up cargoes.
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