Ultra-large crude carriers are racing to the Middle East to capture elevated freight through the Strait of Hormuz, worsening a global ship shortage and pushing rates higher. Attacks on vessels persist, but recent weeks' volumes transiting the strait have rebounded to near pre-conflict levels. The freight surge has driven Gulf-to-East Asia voyage costs to more than six times pre-conflict norms. Shipping data provider Signal Ocean estimates that of about 850 VLCCs globally, over 40% are either in

Ultra-large crude carriers are racing to the Middle East to capture elevated freight through the Strait of Hormuz, worsening a global ship shortage and pushing rates higher. Attacks on vessels persist, but recent weeks' volumes transiting the strait have rebounded to near pre-conflict levels. The freight surge has driven Gulf-to-East Asia voyage costs to more than six times pre-conflict norms. Shipping data provider Signal Ocean estimates that of about 850 VLCCs globally, over 40% are either in the Persian Gulf or within a few days' sailing distance. Georgios Sakellariou said: "The past months have been the best on record for the crude tanker industry. The main issue is inefficient ship-to-ship transfers outside the Strait of Hormuz, which has heavily drained local and regional vessel supply." A Persian Gulf-to-East Asia voyage takes roughly three weeks. Assessed VLCC rates hit a record near $1.4m/day on Wednesday, up about 540% versus pre-conflict; Brent has risen roughly 40% over the same period.