CommoditiesHigh ImpactUpdated•Originally published 25 February 2026•Updated 26 February 2026•
1 min read
Supertanker Rates Near 2020 Peak Driven by Middle East-China Route Surge
Key Facts
1VLCC charter rates reached $200,000 - $208,000 per day, the highest level in 6 years.
2South Korea's Sinokor group controls approximately 120 VLCCs, representing about one-third of the globally traded fleet.
3War-risk premiums rose due to a 47% probability of a US-Iran conflict according to Polymarket.
Daily charter rates for Very Large Crude Carriers (VLCC), each with a capacity of 2 million barrels, have surged to between $200,000 and $208,000. The Middle East Gulf to China (MEG-China) route has emerged as the primary driver behind this six-year high in shipping costs. Current rates are now approaching the historic peaks seen in April 2020 during the Saudi-Russia oil price war. Geopolitical tensions between the U.S. and Iran have spiked war-risk premiums, while supply remains tight as South Korea’s Sinokor group controls nearly one-third of the available global fleet. These escalating logistical costs are expected to benefit operators like Bahri and DHT Holdings while exerting significant upward pressure on global crude benchmarks.