Saudi Oil Shipper Secures Tankers at High Rates to Bypass Hormuz: Report

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Saudi Oil Shipper Books Tankers At Sky-High Rates To Bypass Hormuz Amid War

The US-Iran war has cut off energy supplies in the Strait of Hormuz. (Reuters)

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News18•12-03-2026, 21:46

Saudi Oil Shipper Books Tankers At Sky-High Rates To Bypass Hormuz Amid War

•Saudi Arabia’s biggest oil shipper, Bahri, is booking tankers at record rates to reroute oil supplies.
•The move aims to bypass the Strait of Hormuz, deemed unsafe due to the ongoing US-Israeli war against Iran.
•Bahri has hired at least six very-large crude carriers, with shipbrokers expecting more deals.
•Tanker rates reached 450 Worldscale points (over $450,000 per day), significantly exceeding pre-war benchmarks.
•Saudi Aramco expects the Red Sea pipeline, capable of handling 5 million barrels/day for export, to run at full capacity soon.

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