By Weilun Soon
Aug 18, 2026 (Bloomberg) – Earnings for supertankers transporting crude oil from the Persian Gulf to Asia are approaching a two-month high as exporters look for more ships to carry fuel through the Strait of Hormuz, despite ongoing security concerns.
On Monday, the earnings for the route from the Middle East to China rose to nearly $510,000 a day, the highest level since late June. This spike comes after Iran resumed attacks on several ships passing through the strait. In addition, a very large crude carrier, the Mongolia Prosperity, is scheduled to load crude from an unnamed Persian Gulf port for delivery to East Asia at a cost of $31 million for the trip, equating to 570 Worldscale points, according to reports from shipbrokers.
Earnings for supertankers, as assessed by the Baltic Exchange, typically reflect current market trades and pricing trends. However, it is unclear if the situation surrounding the Mongolia Prosperity has influenced these assessments.
This increase in earnings and the booking of the VLCC coincide with Persian Gulf exporters seeking more vessels to deliver the plentiful crude they have promised to Asian buyers. Saudi Arabia, a key OPEC+ producer, is offering quick deliveries from within the Gulf, while Iraq is working with the UAE’s national exporter to transport barrels. The Abu Dhabi National Oil Co. has established a trading system for moving barrels through Hormuz, often collaborating with the South Korean shipowner Sinokor Group.
A delicate 60-day ceasefire between Iran and the US ended on Monday, without any existing plans for resolving their disputes over the strait. Throughout the conflict, both parties have claimed authority over maritime traffic in this key area. Because of this, only those shipowners who are willing to take risks or have experience in troubled waters can continue to supply cargoes for crude loadings in the Persian Gulf.
In recent days, several supertankers have been booked privately, with vessels vanishing from availability lists, leaving shipbrokers unclear if deals have been finalized. Many of these voyages starting from the Gulf are run by exporters or a small group of tanker owners, including those from Sinokor, which gives them negotiating power regarding immediate rates. With limited public information about the route to China, it is becoming increasingly difficult to assess the main benchmark for supertanker earnings.
Sinokor did not provide a response to an email request for comments.
The Mongolia Prosperity, managed by Sinokor, was chartered by a Chinese refiner to transport crude oil from the Persian Gulf on August 21. The charterer is expected to cover the additional war-risk insurance, which is currently around high single-digit percentages of the ship's hull value.