(Bloomberg) — One of the largest operators of supertankers has tentatively booked a ship to transport oil from the Persian Gulf to India at nearly nine times the usual rates, indicating a shortage of available ships in...
(Bloomberg) — One of the largest operators of supertankers has tentatively booked a ship to transport oil from the Persian Gulf to India at nearly nine times the usual rates, indicating a shortage of available ships in the region.
South Korean shipowner Sinokor will provide the vessel at 897 Worldscale points, which is 897% of the freight benchmark, according to shipbrokers. This fee is the highest recorded this year. The brokers asked to remain anonymous as the discussions are confidential.
Details about the dates, buyers, or ports involved in this provisional booking have not been disclosed yet, as they are still being finalized.
Sinokor has not replied to emails or phone calls made to its offices in Seoul and Singapore.
The company has aggressively expanded in the tanker market since late last year and has been very active in the Persian Gulf during the ongoing war, continuing to market its fleet. A message seen by Bloomberg and received by brokers on Wednesday indicated that VLCCs (Very Large Crude Carriers) are available for loading oil from Iraq’s Basrah terminal by June 24.
Sinokor indicated that the shipment would pass through the Strait of Hormuz, showing confidence in continued shipping through this route, even though traffic is still limited.
To balance the ongoing risks around the Strait of Hormuz with new market opportunities following a temporary deal between Iran and the US, shipowners are repositioning their vessels. Some have begun rerouting their tankers to the Gulf, with approximately 65 empty VLCCs now capable of reaching the Gulf of Oman within a week. Sinokor owns around 25 of these tankers, according to broker estimates.
Since the agreement was reached last week, four empty Sinokor VLCCs have entered the Persian Gulf, based on transponder signals and shipping data reviewed by Bloomberg. Additionally, three other supertankers from other companies have also arrived, adding at least 14 million barrels of capacity to the region. An Iranian VLCC has also made its way into the area.
Worldscale rates, which measure charter fees in the tanker industry, are set annually for specific routes. Ships are booked at a percentage, known as points, of this basic rate.
In this case, the Sinokor booking is based on the rate for the Persian Gulf-to-Singapore route, according to the shipbrokers.