Freight rates for crude oil tankers have reached record highs, according to research by ING. Demand for vessels is strong while global capacity remains tight, and the resulting surge in transport costs is feeding into Dutch fuel prices. It now costs something like half a million dollars a day to charter an oil tanker – 10 times the 2025 average, according to the bank.
Crude shipments from Saudi Arabia’s Ras Tanura to Rotterdam, for example, have jumped from nearly two U.S. dollars a barrel last year to more than 35 dollars. This, in turn, adds further pressure that the motorists might be feeling at the pump.
“Because of the ongoing war involving Iran and disruptions in the Strait of Hormuz, tankers have to travel greater distances,” ING economist Rico Luan told NOS. As a result, vessels take longer to complete their journeys and can take fewer of them. In the meantime, oil flows from the Middle East are beginning to pick up again, Luman told the news outlet.
Last week saw the highest number of tanker attacks since the start of the war with Iran, the U.S.-led Joint Maritime Information (JMIC) reported. The figure includes attempted attacks as well as intimidation from, for example, drones flying above the vessels. In the meantime, the number of ships that have crossed the Strait of Hormuz fell last week to its lowest level in two months.
The figures do not fully reflect the actual flows of oil from the Middle East, Luman told NOS. Some of the traffic reportedly operates under the protection of the U.S. military. “They use shuttle services with tankers that sail through the Strait of Hormuz and then transfer the cargo onto other ships.”
The stronger dollar is reportedly also contributing to the record freight rates, Luman added. “Crude oil is standardly traded in U.S. dollars on the world market, so you now need more euros.”
