VLCC freight rates for U.S.-to-Asia oil reach a record $77 million

Baltic Exchange data show the cost of hiring a very large crude carrier for a U.S.-to-Asia voyage reached $77 million on Oct. 7, compared with a 2025 average of $9.2 million. For a 2-million-barrel cargo, that implies about $38.50 per barrel in freight costs; the report says disruption linked to the Iran war has lengthened routes and reduced effective tanker availability.

Why it matters. The surge raises delivered oil costs and is pressuring exporters, including some West African sellers, to discount cargoes.