VLCC rates surge to $1.2m per day for Gulf of Oman loading

VLCC spot rates have surged to $1.2m per day for Gulf of Oman loading, up from $719,000 to $864,000 in recent weeks, due to lower risk compared to the Strait of Hormuz.

Why it matters. Shippers are opting for Gulf of Oman loading due to lower risk, driving up rates and affecting the shipping industry's cost structure.