DHT's Q4 VLCC spot averages US$509,100/day as Hormuz attacks mount

Market Context & Direct Impact

Spot VLCC earnings in the Gulf have climbed far above third-quarter levels. DHT Holdings reports that its spot VLCC fleet has averaged US$509,100 a day in the fourth quarter to date, a 204% rise on its third-quarter spot earnings. Baltic Exchange data for the week ended 9 October put the Middle East Gulf–China TD3C route at WS 1,318.75, which Seatrade Maritime equates to round-trip earnings of US$1.4m a day. The surge also has a cost layer: DHT says insurance premiums have risen sharply for operating in the region.

Risk, not only volume, is now setting the price of Gulf of Oman loadings. A Gulf of Oman fixture for South Korea was reported at US$1.162m a day, while the Joint Maritime Information Center rates Gulf of Oman risk "moderate" against "severe" for the Strait of Hormuz. At least 12 tankers have been attacked in the Strait since 29 September. Lloyd's List says the market's worry has moved from peace pushing rates down to rates staying too high for too long to sustain tanker demand. The counter-point is that Gulf-to-Asia fixtures had already passed US$600,000 a day in mid-September, which suggests the elevated level has held for about a month rather than spiking once.

Core Executive Takeaways

• Gulf crude freightTreat tanker spot rates from the Gulf as a war-risk premium, not a cyclical low that will revert on its own.
• Loading point mattersGulf of Oman loadings carry a lower rated risk than Hormuz transits, so loading point can shift total landed cost.
• Volatility, not a floorLloyd's List's demand concern suggests buyers should plan for sharp swings in both directions rather than a stable new base.

Strategic Playbook

1. 1
   Re-price crude freight

   Index crude freight to a named Baltic Exchange route and set a review trigger tied to Gulf of Oman and Hormuz risk ratings.

2. 2
   Write risk clauses

   Require carriers and charterers to state war-risk premiums and Hormuz transit status on each fixture before accepting the cost.

Filed 09:26 GMT, 15 October 2026, for the first edition of 15 Oct.
As agents only.

Sources

1. DHT spot rates surge 204% in fourth quarterSeatrade Maritime, published 12 October 2026
2. Crude tanker rates steady near peak as Hormuz attacks intensifyLloyd's List, published 12 October 2026
3. VLCC rates push to $1.2m per day for Gulf of Oman loadingSeatrade Maritime, published 7 October 2026
4. Hormuz security fears feed sky-high large tanker ratesSeatrade Maritime, published 14 September 2026

Claims ledger: 8 facts and where each comes from

• DHT Holdings' spot VLCC fleet rates averaged $509,100 per day in the fourth quarter to date, an increase of 204% over its third-quarter spot earnings, according to the company.¹
• For the week ended 9 October, The Baltic Exchange reported the TD3C Middle East Gulf to China VLCC rate rising 115 points to WS 1,318.75, equivalent to daily round-trip TCE earnings of $1.4m per day.¹
• Insurance costs have risen sharply for tankers in the Middle East region, and shipowners are demanding premiums for operating there, per DHT's report.¹
• A DHT Holdings 2025-built VLCC was fixed to S-Oil at $1.162 million per day to South Korea, per Tankers International, with a $1.015 million fixture also confirmed for Gulf of Oman loading.³
• The Joint Maritime Information Center rates the risk in the Gulf of Oman as "moderate", compared with "severe" for the Strait of Hormuz, its second-highest rating.³
• At least 12 tankers have been attacked in the Strait of Hormuz since 29 September, including multiple VLCCs.³
• Lloyd's List reports that crude tanker spot rates remain close to record levels, and that the concern is now that rates could stay too high for too long to sustain tanker demand.²
• Reported spot fixtures from the Arabian Gulf to Asia surpassed $600,000 per day on Friday, with benchmark rates risen to the $800,000 per day level.⁴

Every figure above is tied to a cited source that was checked on the day of filing. Found an error? Tell the desk.