In a historic move for the freight market, the Greek Very Large Crude Carrier (VLCC)Pantanassa (built 2011, 317,100-dwt) has been fixed at a new record-shattering rate of $554,771–$555,000 per day.
The vessel, owned by Minerva Marine, was secured by South Korean refiner S-Oil for a voyage from Oman to South Korea, scheduled for loading between 22–24 March 2026. This follows a previously reported record-breaking charter to GS Caltex at approximately $436,000 per day that ultimately failed to materialise.
The current market surge is driven by several critical factors:
1)Middle East Conflict , Intense U.S.-Israel hostilities with Iran have nearly halted traffic through the Strait of Hormuz.
2) Insurance Scarcity Major marine war risk providers have begun scrapping cover for the Persian Gulf, making available tonnage extremely rare.
3) Escalating Rates ,Industry benchmarks have seen “unimaginable” gains, with some theoretical VLCC rates reaching as high as 700 Worldscale points ($20 per barrel)
Note by Alessandro Bazzoni