global-economy24 days ago
Iran Conflict Drives Record Tanker Orders and Freight Rates
Global shipowners have commissioned more than twice the number of tankers in 2026 compared to all of 2025, triggering a $20 billion buying spree. This surge, the largest in at least 25 years, responds to disrupted trade routes caused by the Middle East conflict, including the closure of Saudi Arabia’s East-West Pipeline. As buyers shift to American crude requiring long transoceanic voyages, daily tanker leasing rates have skyrocketed to over $1 million, a tenfold increase from last year.