Finance
Glencore Charters Supertanker to Load Oil From Middle East, Sources Say
Published by Global Banking & Finance Review®
Posted on April 9, 2026
2 min readLast updated: April 9, 2026
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Quick Summary
Glencore has chartered the VLCC “Asian Lion” at Worldscale W580 to load Middle East crude for Asia—the first such fixture since the US‑Iran ceasefire; TD3C spot rates were ~W230 in late February before the conflict disrupted traffic.
Glencore Charters First Supertanker for Middle East Oil Post-Ceasefire
By Florence Tan
Glencore's Supertanker Charter Marks a Key Post-War Oil Shipment
Charter Details and Shipping Rates
SINGAPORE, April 9 (Reuters) - Commodities trading firm Glencore has chartered a supertanker to load Middle Eastern crude for Asia, according to a shipping source and LSEG data, likely the first oil tanker to be fixed for the route since the ceasefire in the U.S.-Iran war.
The Asian Lion, a very large crude carrier (VLCC) capable of holding 2 million barrels of oil, is heading to the Middle East, LSEG data showed.
Freight Rates and Demurrage
Glencore chartered the tanker at W580 on the Worldscale industry measure used to calculate freight rates, according to a shipping source and LSEG data. Spot VLCC shipping rates on the route, more commonly known as TD3C, were at about W230 on February 27, before the war started, LSEG data showed.
The demurrage fee is at $580,000 per day, the source said. Demurrage is a charge paid to the ship owner in the event that a vessel exceeds the amount of time agreed for loading and unloading a cargo.
Glencore could not be immediately reached for a comment on the vessel fixture.
Impact of U.S.-Iran Ceasefire on Shipping
Strait of Hormuz Transit and Security
Shippers on Wednesday said they needed more clarity on the terms of the U.S.-Iran ceasefire before resuming transit through the Strait of Hormuz, as Iran said the waterway remained closed to vessels sailing without a permit.
Iran's Security Measures and Alternative Routes
Iran said it would offer safe passage in coordination with its armed forces, though its coastguard warned on Wednesday that any ship attempting to sail without permission would be "targeted and destroyed".
Iran's Revolutionary Guards navy posted a map showing alternative shipping routes in the Strait of Hormuz to help transiting ships avoid naval mines, the semi-official Iranian news agency ISNA said early on Thursday.
Global Oil Market Impact
The six-week conflict brought traffic through the strait - a chokepoint for about 20% of global oil and liquefied natural gas (LNG) shipments - close to a standstill, pushing global energy prices sharply higher.
(Reporting by Florence Tan; Editing by Christian Schmollinger)
Key Takeaways
- •Glencore securing a VLCC at W580 marks a rare shipping move amid Strait of Hormuz uncertainty.
- •TD3C freight rates (~W230 pre‑war) surged and likely remain elevated, reflecting tight tanker market.
- •Despite a ceasefire, Iran maintains tight control of Hormuz—requiring ships to seek permission and offering only conditional passage.
Frequently Asked Questions about Glencore charters supertanker to load oil from Middle East, sources say
1What type of vessel did Glencore charter for Middle Eastern oil?
Glencore chartered a very large crude carrier (VLCC) named Asian Lion.
2Why is this Glencore tanker charter significant?
It is likely the first oil tanker fixed for the Middle East-Asia route since the U.S.-Iran ceasefire.
3What are the current shipping rates for VLCCs on this route?
The charter rate is W580 on the Worldscale measure, with demurrage fees around $580,000 per day.
4How has the U.S.-Iran conflict affected the Strait of Hormuz?
The conflict brought oil and LNG traffic through the strait to a near standstill and raised global energy prices.
5What restrictions are still in place for shipping through the Strait of Hormuz?
Iran requires vessels to obtain permits, and warned unpermitted ships may be targeted.
