Clarksons Hellas Reports Third Phase of Middle East Export Shifts as Tanker Rates Rise
Key Takeaways
- •Export activity in the Middle East has moved into a third phase after an initial capacity loss and a brief reopening in July.
- •Since early August, tanker shuttling via ship-to-ship transfers off Oman and Fujairah has been estimated at about 4.5 million barrels per day.
- •VLCC spot rates have climbed to their highest since the start of the US-Iran conflict, with modern ships earning about USD 800,000 per day on Hormuz voyages.
- •Demand is rising across larger tanker classes, with prompt vessels attracting strong interest and vintage tonnage also seeing renewed demand.
- •The dry bulk market ended the week firmer, with the Capesize BDI closing at 5,536, about 17% higher than the previous week.
Clarksons Hellas Reports Third Phase of Middle East Export Shifts as Tanker Rates Rise
in Weekly Shipbrokers Reports, 29/08/2026
Clarksons Hellas said the Middle East is now moving through a third distinct phase of exports since the Hormuz crisis began.
After an immediate loss of about 15 million barrels per day of export capacity in the spring months, followed by a short-lived reopening in the second half of July, the market has shifted into a phase of increased tanker shuttling. That activity has become especially visible since early August, with volumes estimated at about 4.5 million barrels per day.
Middle Eastern producers, together with a small number of risk-tolerant tanker operators, have been moving cargoes through the Strait of Hormuz to ship-to-ship hubs off Oman and Fujairah, where the volumes are transferred onto other tankers for onward delivery. Clarksons Hellas said the strategy has been more effective in returning stranded cargoes to the market, even as attacks on vessels transiting Hormuz continue, because exporters are now taking on a larger share of the transit risk.
The report said all signs point to a higher risk tolerance among producers, with the UAE’s largest crude exporters seeking routes to bring cargoes to market and relying on ship-to-ship shuttles to move trapped cargo. The shift matters for the tanker market because it keeps more ships tied up in longer and more complex voyages, adding to enquiry across vessel classes even as the underlying export flow remains disrupted.
Average VLCC spot rates have risen to their highest levels since the start of the US-Iran conflict, with modern vessels earning time charter equivalents of USD 800,000 per day on voyages through the Strait of Hormuz.
On the enquiry side, Clarksons Hellas said interest is increasing across the larger tanker segments, from Aframax to VLCC, with vessels capable of prompt delivery attracting the most attention. At the same time, vintage tonnage is seeing a notable revival in demand.
The bulker sector continues to move through the second half of the year on solid footing, with fleet growth of 3.5% to 4% expected to be achieved this year, although the repercussions of the Black Sea and Middle East remain uncertain. For dry cargo, that backdrop helps explain why market attention is still tracking both regional disruption and vessel availability, rather than any single trade route.
The week ended on a positive note for the dry spot market, with the Capesize BDI closing at 5,536, up about 17% from the previous week’s close. Clarksons Hellas also noted notable activity in the Supramax and Ultramax segments, with enquiries mainly focused on vessels around 15 years of age.
Dry Cargo
The Supramax HARVEST (abt 58,000 DWT, built 2008, Tsuneishi (Zhoushan) Shipbuilding, CR:4x30T, grab fitted, scrubber) was sold for USD 13.8 million to Chinese interests.
Tanker
The Suezmax CAPE BENAT (abt 157,000 DWT, built 2010, Jiangsu Rongsheng, scrubber) was concluded at USD 62.5 million to C/O Lila Global.
Source: Clarkson Platou (Hellas) Ltd
