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VLCC Gulf charter rates hit $800,000 daily

8/26/2026

24 3 Full Breakdown

Summary

Story summary

Clarksons reports charter rates for a VLCC transiting Gulf oil can reach $800,000 per day.
TotalEnergies CEO Patrick Pouyanne says a VLCC transit costs about $20 million, adding roughly $10 per barrel.
The International Maritime Organization recorded 68 shipping incidents in the Gulf since the conflict began.
IMO estimates at least 20 seafarers killed, 35 wounded and one missing in those incidents.

History

Historical Context

On 2 August 1990 Iraq’s invasion of Kuwait triggered UN resolutions 661 and 665, authorising a multinational naval blockade that rerouted hundreds of ships and drove VLCC charter rates sky-high; the coalition comprised 42 nations. Decades later, the Yemen-driven Gulf conflict has produced 68 incidents, keeping insurers and charterers such as Clarksons pricing maritime risk sharply.

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Story summary

Clarksons reports charter rates for a VLCC transiting Gulf oil can reach $800,000 per day.
TotalEnergies CEO Patrick Pouyanne says a VLCC transit costs about $20 million, adding roughly $10 per barrel.
The International Maritime Organization recorded 68 shipping incidents in the Gulf since the conflict began.
IMO estimates at least 20 seafarers killed, 35 wounded and one missing in those incidents.

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