A very-large crude carrier has been provisionally booked to ship oil from the Persian Gulf to India at 897% of benchmark freight rates, marking the highest charter fee this year. The South Korean shipowner Sinokor secured this rate for a vessel capable of carrying roughly two million barrels, reflecting severe vessel shortages in the region as demand rebounds.

The booking comes amid scramble by buyers to secure tankers following the Iran-US interim agreement, with cargoes stranded since February's conflict began. Producers are rushing to increase exports, but tanker availability remains constrained after owners diverted fleets during the three-month Strait of Hormuz closure. Many vessels now require weeks to return to Gulf waters.

Sinokor has been notably active in the Persian Gulf market, recently offering VLCCs for loading from Iraq's Basrah terminal by June 24. The proposed transit through Hormuz signals confidence despite ongoing traffic limitations. This pricing spike underscores how geopolitical disruptions continue distorting global energy shipping costs, with the shortage of available vessels driving unprecedented premiums that could pressure downstream oil margins.

Market participants are watching whether these elevated rates persist as more tankers gradually return to the region, though near-term supply-demand imbalance suggests high costs may continue weighing on refinery economics through the summer.