Furthermore, the availability of vessels has declined due to sanctions imposed on some tankers for transporting oil from Iran, Russia, and Venezuela. According to data and industry sources, the cost of shipping oil has risen to approximately $130,000 per day for very large crude carriers (VLCCs) in recent weeks, driven by increased demand from the Organization of the Petroleum Exporting Countries (OPEC) and its allies. Jan Rendbo, CEO of a shipping group, stated that industry sources expect oil shipping costs to remain high in the first half of 2026 due to the aging global fleet and a growing number of vessels under Western sanctions. However, freight rates may decrease in the second half of the new year.
