The Very Large Crude Carrier (VLCC) Kalamos was confirmed fixed at a record-shattering $770,000 per day on 6 March 2026. This historic rate was set for a voyage from Saudi Arabia’s Red Sea port of Yanbu to the west coast of India for Bharat Petroleum, scheduled for late March loading.
The surge is driven by extreme instability in the Middle East, specifically around the Strait of Hormuz, where commercial transits have virtually ceased.
Key producers including Kuwait, Iraq, and the UAE have slashed or “managed” output as storage capacities hit their limits.
Reports indicate approximately 120 million barrels have been lost or stranded due to the paralysis of regional export routes.
Demand has shifted to Red Sea terminals like Yanbu to bypass the Strait of Hormuz, causing rates for these safer routes to skyrocket.
Other fixtures have also reached unprecedented levels, with the Adamantios fixed at roughly $538,000 per day for a voyage to India.
Oil Prices: Brent crude surged past $118 per barrel on 9 March 2026, its largest single-day rise in six years. Beyond physical security, a primary hurdle is the withdrawal of war-risk insurance coverage for vessels attempting to transit the Gulf.
Note by Alessandro Bazzoni