A swap landed price was never just FOB plus freight. Right now Hormuz transit uncertainty and Red Sea war-risk premia are rising at both ends, lifting VLCC spot rates that flow straight into the landed cost of all seven swap grades — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula.

Our structure locks the discharge port to an STS anchorage — Sohar in Oman or Fujairah in the UAE — before the credit opens, not at a consignee berth. The upside is flexible scheduling and avoiding congested ports; the cost is a lightering leg that moves with the premium. Rule F7 says the destination cannot change, so the freight math must be fixed before the credit opens — no post-facto port switches.

In practice, short-haul grades ESPO and Oman absorb less freight shock, while the Middle East and West Africa long-haul parcels — Basrah Light, Bonny Light, Lula — are most exposed to Red Sea premia. With Brent at 104.76 and WTI at 92.309, the $12.45 spread keeps light-sweet premiums firm, but freight rewrites the landed ranking — do not order on the crude spread alone.