How Gulf Oil Is Escaping the Strait of Hormuz

Gulf oil producers are finding new ways around the Strait of Hormuz, but bypassing the world’s biggest oil chokepoint creates new risks. VLCC Rates Go Ballistic as Hormuz Turns Into a Freight Jackpot - VLCC prices are ballooning out of control (once again), pushing assessed earnings for a Middle East-to-China voyage beyond $500,000 per day as the flow of vessels moving out of the Gulf trickled down to a mere couple per day. - Amidst news that Saudi Aramco resumed crude loadings at its key Ras Tanura export terminal, VLCC fixing costs for…