The effort by Middle Eastern countries to keep oil exports flowing amid the blockade of the Strait of Hormuz has triggered unprecedented activity in the tanker market. In the second quarter, the average price of new supertankers, or VLCCs, and modern second-hand vessels in the same class reached their highest levels since 2008, exceeding USD 130 million. These figures from UK shipbroker Braemar were cited in a Financial Times report. One-year freight rates also hit record highs.

The main demand came from exporters seeking to build their own fleets in order to reduce dependence on shipping companies. Given the security risks in the strait, shipowners are charging a higher premium for crude deliveries, while traders are buying oil only at a steep discount, reducing producers’ revenues.

State-owned oil companies ADNOC of the UAE and Kuwait Petroleum of Kuwait have already launched a “shuttle” scheme: tankers carry oil through the strait and transfer it to buyers’ vessels in the Arabian Sea. In August, ADNOC spent USD 1.3 billion on the purchase of six supertankers and five large-capacity gas carriers, the FT notes.

Saudi Arabia is also joining this race. Its national shipping company Bahri has expanded its fleet to a record 107 vessels, while state-owned oil and gas company Aramco, according to the newspaper, was prepared to sell Asia-bound cargoes delivered through the strait, indicating its participation in “shuttle” logistics. At the same time, risks are rising: instead of once every 10 days, ADNOC vessels are now being attacked almost daily.

The freight market has responded to the growing need for transport services. Spot rates for supertankers rose by 20% in one week. More than half of all cargoes moving through the Strait of Hormuz are carried by just 29 vessels.