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Shipping rates for Very Large Crude Carriers (VLCCs) have experienced an unprecedented surge, with daily time-charter equivalent (TCE) rates on the benchmark Arabian Gulf to China route (TD3C) surpassing $1 million and reaching over $1.2 million per day. This dramatic increase from pre-conflict levels of around $45,000 per day is driven by severe shortages of available vessels, heightened transit and insurance risks, and longer voyage distances to Asian markets. Notable fixtures include the Kuwait Prosperity chartered by Total Singapore at exceptionally high rate levels.
