Is Hormuz Half-Open or Half-Closed? Tanker Rates on the Mend

The Strait of Hormuz remains only partially navigable following a conflict that began on February 28, with tanker transits still well below pre-crisis levels of 90–110 vessels per day and cargo throughput at roughly half of pre-conflict crude levels. The tanker market is experiencing extreme rate volatility, with VLCC earnings from the Middle East to China plunging to ~$287,000/day while global trade patterns remain disrupted as vessels continue to use Cape of Good Hope rerouting.