Analysts have noted a record increase in the value of tankers used for oil exports from the Persian Gulf. The annual freight rates for supertankers have reached historical highs, and oil-exporting countries are striving to form their own fleets.
Prices of tankers used for oil exports from the Persian Gulf have reached record levels against the backdrop of a sharp increase in demand for such shipments. Data from the maritime broker Braemar, cited by the Financial Times, shows that Middle Eastern countries continue to seek alternative routes for transporting hydrocarbons amid ongoing disruptions in navigation through the Strait of Hormuz.
According to Braemar's calculations, the average price of both new and used oil tankers exceeded $130 million in the second quarter. This is the highest figure since 2008. Additionally, the annual freight rates for supertankers have reached record levels recorded throughout the history of observations.
Analysts link the rise in prices and demand to the desire of exporting countries to have their own fleets. Due to security threats in the Strait of Hormuz, third-party carriers and buyers are demanding either larger discounts on oil or higher freight rates, creating unfavorable conditions for exporters.
The Abu Dhabi National Oil Company (Adnoc) and Kuwait Petroleum Corporation have already organized a shuttle transport system: oil is delivered across the Strait of Hormuz to tankers waiting on the other side, which then transport the cargo to final buyers.
In August, Adnoc acquired six oil supertankers and five of the largest gas carriers. The value of the deal amounted to $1.3 billion. The use of its own vessels allows Adnoc to ensure uninterrupted oil supplies despite ongoing attacks from Iran.
