BREAKING: Earnings for VLCC supertankers on the benchmark Middle East-to-China route are up to nearly $800,000 per day, an all-time high. Rates have more than doubled over the last 2 months. At the same time, the rate for a VLCC charter from the US Gulf to Asia is up to a record ~$29.5 million per voyage, before additional war-risk costs and fees for potential delays. The surge has been driven by fewer vessels willing to transit the Strait of Hormuz, sharply reducing available shipping capacity. As a result, alternative routes keep each tanker at sea for more time, further reducing the number of vessels available. Looking ahead, earnings for VLCCs are estimated to stay above $100,000 a day into next year, more than double historical levels, which rarely exceeded $45,000 a day, according to Kpler. Inflation is back.