The new conditions of maritime trade, especially following the intensification of sanctions and geopolitical tensions, have resulted in unprecedented profits for tanker owners. For instance, on September 15, the daily rate for a Very Large Crude Carrier (VLCC) on the route from Saudi Arabia to China reached $1.10 million. This figure reflects profound changes in the oil market and the impacts of global crises.
The Impact of Sanctions on the Oil Market
The United States' war with Iran and the global refining capacity shortage resulting from this war, along with Russia's war in Ukraine, have had significant effects on the supply of refined products as well as the overall supply of crude oil. These issues have caused transportation rates and the costs of securing goods to rise, forcing customers in various industries to purchase smaller quantities with shorter delivery times.
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Increased Transportation Costs and Their Impacts
Analyses indicate that rising transportation costs due to high fuel prices and riding the wave of market fluctuations have become a new reality for the maritime transport industry. For example, shipping companies are quickly passing additional costs onto customers. This trend includes emergency fuel costs, domestic transportation costs, and seasonal charges. As a result, customers must be prepared to face these fluctuations, which could lead to increased prices for goods in the market.
Research shows that this new cycle for tankers has far surpassed the cycles observed in the 2000s. This indicates fundamental changes in the oil market and its effects on global trade. Currently, the only comparable situation to tanker profits in modern history is the profits of container lines during the COVID-19 pandemic.
Ultimately, given the current conditions and lack of a clear outlook for improvement, it seems that the maritime transport and tanker industry must prepare for further challenges. In this situation, investors are looking forward to optimizing the unprecedented profits of these companies.
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