One of the world’s largest supertanker operators has provisionally booked a vessel to transport oil from the Persian Gulf to India at nearly nine times the benchmark rates, a price reflecting the scarcity of available ships in the area.
According to shipping agents who spoke to Bloomberg on condition of anonymity, South Korean shipowner Sinokor will supply the vessel at 897 Worldscale points (897% of the reference freight rate). This figure stands as the highest recorded so far this year.
As details are still being finalized, the provisional booking did not specify dates, buyers, or destination ports. Sinokor, for its part, did not respond to emails or phone calls made by the agency to its offices in Seoul and Singapore.
Sinokor, which expanded strongly in the tanker sector since late last year, is among the most active firms in the Persian Gulf amid the war, where it has continued to actively promote its fleet.
A message seen by Bloomberg, received by agents on Wednesday, June 24, offered VLCC-class vessels for loading oil from the Iraqi terminal of Basra as of June 24.
The shipowner indicated it would pass through the Strait of Hormuz with the cargo, a sign of confidence in the continuity of flows through the waterway, even as traffic remains restricted.
Eager to balance the ongoing risks around Hormuz with market opportunities arising after the signing of an interim agreement between Iran and the United States, shipowners have been repositioning their vessels.
Some have already begun redirecting their tankers toward the Gulf, with about 65 VLCCs in ballast (empty) able to reach the Gulf of Oman within a week. Of these, Sinokor owns around 25, according to estimates from shipping agents.
Since last week’s agreement, four of Sinokor’s VLCCs (without cargo) have sailed toward the Persian Gulf, according to transponder signals and navigation data reviewed by Bloomberg.
Three other supertankers owned by traditional companies have also entered the area, adding at least 14 million barrels of capacity to the region. Separately, an Iranian VLCC has also sailed toward the area.
Worldscale rates, the standard measure for chartering costs in the tanker industry, are set annually for specific routes. Vessels are booked at a percentage — also known as points — of this base rate.
In this case, Sinokor’s booking was based on the rate for the Persian Gulf to Singapore route, according to the shipping agents.
