In brief: The VLCC crude tanker rate on the Gulf of Oman–China route fell over the week to 776 Worldscale points from a record 841 the previous week, per Baltic Exchange data — the highest level since the index launched this year. The drop is linked to softer demand after fresh vessel attacks in the Middle East and to comments from the Trump administration about possibly easing sanctions on some “shadow fleet” tankers, which would add ships able to carry oil. Rates on other routes, such as West Africa–Asia, also eased from records but remain close to historic highs.
The VLCC crude tanker rate on the Gulf of Oman–China route fell over the week to 776 Worldscale points — down from a record 841 the previous week, according to Baltic Exchange data. That was the highest level since the index launched earlier this year; the drop is roughly 65 points, or about 8%. Rates eased on other routes too, including West Africa–Asia, though they remain close to historic highs overall.
Kpler analyst Matthew Wright attributes the fall to softer demand on the Gulf of Oman route after fresh attacks on vessels in the Middle East, which pushed up rates within the Persian Gulf itself and reduced export volumes. A second factor, per Sparta Commodities analyst Michael Ryan: comments from the Trump administration about possibly lifting sanctions on some “shadow fleet” tankers pulled rates down, since that would increase the number of ships available to carry oil.
The rally began after the US-Israeli war on Iran increased ship-to-ship transfers to move oil out of the Strait of Hormuz, boosting tanker demand. If elevated shipping costs persist, Reuters notes, they could add to inflationary pressure and raise costs for businesses and consumers.
Source: Reuters/gCaptain, Oct 16, 2026.