As buyers in the Asia-Pacific region continued to step up procurement of crude oil to maintain refined oil production, freight rates for oversized crude oil carriers loaded along the US Gulf Coast rose to a record high on October 7. According to market news, a charterer reached an intended deal for a VLCC owned by South Korea's Sinokor with a shipping fee of 81 million US dollars to carry out the US Bay to Asia Pacific route, which was loaded at the end of November. This is the highest fare recorded by Argus since it began evaluating this route in 2017. The freight rate for this route increased by 17.75 million US dollars from the previous trading day, which is more than 63 million US dollars higher than the high level of about 22.5 million US dollars before the situation in the Middle East escalated. Previously, continued market activity also drove freight rates to continue to rise. Another charterer used $77 million to include Sea Jade's VLCC in the intended transaction for a voyage from the Gulf of America to South Korea that was loaded in early November.

As buyers in the Asia-Pacific region continue to step up procurement of crude oil to maintain refined oil production, freight rates for oversized crude oil carriers loaded along the US Gulf Coast rose to a record high on October 7. According to market news, a charterer reached an intended deal for a VLCC owned by South Korea's Sinokor with a shipping fee of 81 million US dollars to carry out the US Bay to Asia Pacific route, which was loaded at the end of November. This is the highest fare recorded by Argus since it began evaluating this route in 2017. The freight rate for this route increased by 17.75 million US dollars from the previous trading day, which is more than 63 million US dollars higher than the high level of about 22.5 million US dollars before the situation in the Middle East escalated. Previously, continued market activity also drove freight rates to continue to rise. Another charterer used $77 million to include Sea Jade's VLCC in the intended transaction for a voyage from the Gulf of America to South Korea that was loaded in early November.