The Insurance Market Closed The Strait Of Hormuz Before Iran Did. Here Is What VLCC Rates Reveal.
Per the Baltic Exchange April 17 weekly report (most recent available), the TD3C VLCC rate is $474,000 per day, four times pre-war.
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Per the Baltic Exchange weekly report dated April 17, 2026, the TD3C Middle East Gulf to China VLCC rate is almost $474,000 per day, four times the pre-war level of $117,360 recorded mid-February. Per Caixin Global, daily charter rates reached nearly $800,000 within the first week of the war that began February 28, with one VLCC fixture at $770,000 per day. Per S&P Global, all 12 International Group P&I Clubs, covering 90 percent of world ocean tonnage, gave 72-hour cancellation notices for war cover (effective March 5 per the Irregular Warfare Initiative). Per Caixin, war risk premiums jumped from 0.25 percent to 1 percent of hull value. Per Gosships analysis, the insurance market closed the strait before any IRGC attack. The April 22 IRGC seizures compounded an already-closed market.
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→ Baltic Exchange TD3C VLCC Rate Four Hundred Seventy-Four Thousand USD Per Day April Seventeen Per Baltic Exchange
→ Pre-War TD3C Baseline One Hundred Seventeen Thousand USD Per Day Mid-February Per Baltic Exchange
→ War Risk Premiums Jumped From Zero Point Two Five Percent To One Percent Of Hull Value Per Caixin
→ All Twelve International P And I Clubs Canceled Cover March Five Per S And P Global
→ Brent Crude Settled At One Hundred One Point Nine One USD Per Barrel April Twenty-Two Per CNBC
🛢️ The Story
Per the US Energy Information Administration’s Today In Energy report dated
