ResearchGlobal2026-10-08
Hormuz and Red Sea chokepoints push freight and war-risk premia into swap landed cost
Hormuz transit fees and Red Sea war-risk premia are both rising; VLCC rates and STS anchorage (Fujairah/Sohar) lightering cost now sit inside the landed math for the seven-product swap book — ESPO, Dubai, Oman and others. Once the destination is locked to an STS structure, freight stops being an afterthought.