Global spot earnings for very large crude carriers (VLCCs) have reached a record $805,000 a day as the Middle East conflict continues to disrupt energy shipping, according to Clarksons Research figures carried by Hellenic Shipping News. Crude tanker freight costs stood at $20-45 a barrel, with the US Gulf-China route reaching $37.50 a barrel, compared with $5 a barrel in 2025.
The figures came in a weekly market update issued at 18:00 GMT on 9 October, summarised by Steve Gordon, global head of Clarksons Research. The research group estimated that the disruption was increasing crude tanker demand by more than 13%. Rising cargo volumes, vessel waiting times for ship-to-ship transfers and long-haul oil movements from the Red Sea were all adding to shipping requirements.
Middle Eastern crude exports remained substantial despite a modest recent easing. Clarksons estimated that around 10 million barrels a day had passed through the Strait of Hormuz in recent days, against 15 million barrels a day across 2025. About 80% of those recent volumes appeared to have been moved through a shuttle system involving ship-to-ship transfers in the Gulf of Oman. Total Middle Eastern crude flows were estimated at 16 million barrels a day, roughly 90% of normal levels.
However, the recovery in flows had not erased the accumulated shortfall. Clarksons estimated that about 2 billion barrels of crude had not transited Hormuz since the conflict began. Mitigating factors, including increased Atlantic supply and exports through Yanbu, had reduced the net loss to around 1 billion barrels. Stocks had also been drawn down by 250 million barrels over that period.
Liquefied petroleum gas freight also reached record levels, with very large gas carriers earning $209,000 a day on the US-Japan route, supported by long-haul US-Asia cargoes and recovering Middle East Gulf shipments. LPG flows leaving the Gulf were above half their normal level. Meanwhile, further vessel attacks underscored the continuing security risks: at least 10 ships totalling 1 million gross tonnes had been damaged in the Middle East during October so far, according to the update.