VLCC Earnings Near $470,000 a Day as Hormuz Hopes Drive Tanker Frenzy

Oil tanker rates have soared since the U.S. and Iran announced the memorandum of understanding as oil importers scramble to charter vessels to pick up Persian Gulf cargoes in the hope these can transit the tentatively reopening Strait of Hormuz.

One tanker has been provisionally booked to ship crude from the Persian Gulf to India at a rate that’s nine times the benchmark for the route, shipbrokers told Bloomberg on Wednesday.

South Korea’s Sinokor shipping group, which before the war went on a buying and chartering…