Crude oil tanker earnings reached unprecedented highs in early October 2026, primarily driven by geopolitical turmoil in the Middle East. VLCC earnings peaked at USD 791,000 per day, with Suezmaxes and Aframaxes also witnessing record rates of USD 668,000 and USD 343,000 per day, respectively.
This surge was underpinned by increased demand for VLCCs due to reduced available tonnage and inefficiencies in oil transport routes, leading to reliance on smaller vessels for delivery. However, as the market stabilizes, charterers' cautious sentiment may temper future demand.
Despite recovering crude oil exports from the Arabian Gulf, driven by military escorts allowing illicit shipments, volumes remain significantly below pre-war levels. With approximately 22 per cent of the tanker fleet sanctioned or operating as part of a ghost fleet, market conditions remain tight.