Overview

• Benchmark supertanker rates for crude shipments from the Persian Gulf to China jumped 12% to around US$76,000 per day, the highest since March 2023, according to the Baltic Exchange.
• Atlantic LNG freight rates climbed to US$51,750 per day and Pacific rates to US$36,750 per day, their highest in about eight months against a backdrop of tight vessel availability.
• Shipowners have deferred chartering vessels due to escalating missile exchanges, reducing tanker supply and exerting upward pressure on freight costs.
• War-risk insurance premiums for LNG tankers transiting the Strait of Hormuz have surged by as much as five times since the conflict intensified, trade sources say.
• Egypt’s tender for up to 160 LNG cargoes through 2026 and Qatar’s reliance on the strategic waterway have further strained global shipping capacity.