Bloomberg reported that South Korea’s Sinokor agreed in principle to charter a tanker from the Gulf to India at 897 points on the Worldscale index—897% of the benchmark cost, the highest level this year. Brokers said owners are reluctant to risk vessels amid the U.S.-Israeli war with Iran, forcing shippers to balance high returns against ongoing hazards in Hormuz.

According to the U.S. Energy Information Administration, about 20 million barrels per day passed through Hormuz in 2024, representing 20% of global liquid fuel consumption and over a quarter of seaborne oil trade.

Despite a temporary U.S.-Iran agreement reopening the strait, traffic remains below prewar levels. AP reported that major owners have cautiously resumed voyages after 110 days, but the central channel is still closed due to mines, leaving ships to use narrower Iranian and Omani routes.

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Philip Belcher of Intertanko noted that the bottleneck is not only the number of ships entering the Gulf but their turnaround speed. Alternative routes lack the capacity of the main channel, slowing operations.

International shipping bodies, including BIMCO, Intertanko, and the International Chamber of Shipping, issued guidelines in May warning that hundreds of vessels remain unable to cross. IMO Secretary-General Arsenio Dominguez stressed that crew safety must take precedence, saying there is “no commercial justification for risking lives without reliable security guarantees.”

This caution means part of the tanker fleet may stay away or demand hefty premiums, explaining Sinokor’s record contract. Worldscale, widely used in spot tanker markets, expresses costs as a percentage of a base rate, allowing comparisons across routes.

Sinokor has remained active throughout the conflict, offering vessels for Basra loadings. Bloomberg noted four empty Sinokor supertankers entered the Gulf after last week’s temporary accord, joined by three others from major firms, adding capacity for at least 14 million barrels.

AP shipping data showed dozens of vessels currently crossing daily, compared to a prewar average of 100–130.