Hormuz Transits Hit Three-week High, VLCC Rates Explode

U.S. forces patrol the Arabian Sea near M/V Touska, April 20, 2026, after the Iranian-flagged vessel attempted to violate the U.S. naval blockade. US Navy photo Non-Iranian linked transits through the Strait of Hormuz climbed to 97 last week, according to preliminary data from London-based Lloyd’s List Intelligence.

While the final number will be adjusted as analysts at Lloyd’s are able to confirm dark transits, right now the data suggest that transits were at a three-week high between Sept. 7 and Sunday.

The weekly average over the last three weeks, which is expected to increase, is 88, according to Lloyd’s List Intelligence. In comparison, the weekly average between July 27 and Aug. 16 was 67.

Crude oil transits drove the activity, Bridget Diakun, the maritime intelligence and research director at Lloyd’s List Intelligence, said during a Thursday webinar.

Bulkers also hit a post-memorandum of understanding period high with at least 14 transits last week, with the weekly average post-MOU period at eight. The U.S. and Iran signed an MOU on June 17 that stopped the active fighting between the two countries and allowed for passage of ships through the Strait of Hormuz. The MOU failed less than 60 days later.

While the transits increased last week, levels are still far below normal. The data indicate that some owners and operators have systems in place to operate in the tense environment, Diakun said.

Got A VLCC Laying Around?

The rates for very large crude carriers are soaring, Lloyd’s List senior reporter Greg Miller said during Thursday’s webinar. As the war with Iran continues into its seventh month, the charter rates for the large crude oil vessels are continuing to reach all-time highs due to the demand for oil.

“Every time I think this market can’t get crazier, I look at the daily index number and it’s gotten even crazier,” Miller said.

The Baltic Exchange listed the Oman-China VLCC index at $870,947 per day, according to Lloyd’s List.

Those rates are particularly high because of the crisis in the Strait of Hormuz, but outside of the Middle East, VLCC indexes continue to be much higher due to spillover effects, Miller said.

The West Africa-China VLCC index spiked to an all-time high of $509,000 per day over the past two weeks. The index is 2.7 times higher than it was at the beginning of September. It is also 20 times more than the break-even cost over a VLCC.

Suezmaxes and Aframaxes – smaller tankers – are also seeing increasing indexes, Miller said. On Sept. 11, the Suezmaxes West Africa to Europe index hit an all-time high of $238,000 per day. Aframaxes U.S. Gulf to Europe saw the highest index since April on Sept. 11, as well.

Part of the reason rates are so high is the VLCCs are loading crude oil via ship-to-ship transfers, which involves a lot of waiting time, Miller said.

“So it is tying up a lot of capacity,” he said.

VLCCs were also taking Saudi oil from the East-West pipeline through the port of Yanbu, Saudi Arabia. With the closure of the East-West pipeline, due to the increased Houthi activity and attacks, the Saudi oil will be pushed through the strait. This means there will be more VLCCs waiting for ship-to-ship transfers.

“The Hormuz crisis is the rate driver because all shipping markets are connected,” Miller said. “So these three indexes are connected to each other and back to Hormuz. It’s no coincidence that they are all spiking simultaneously.”