FEATURE | Crude oil tanker freight rates from the Arabian Gulf to China double on the back of tanker attacks

VLCC spot freight rates between the Arabian Gulf and China rose 101 per cent in the days between June 13 and June 20, in the aftermath of attacks on two tankers in the Strait of Hormuz, according to BIMCO. Spot freight rates for a VLCC, carrying two million barrels of oil, between the Arabian Gulf and China reached US$25,994 per day on June 20, their highest level since March and significantly above the May average of US$9,979 per day.

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