Wanted: Oil tankers at any cost as tensions in the Gulf trigger a global scramble

Tensions in the Gulf, including reports of an attack in the Strait of Hormuz, are driving up oil and freight rates, leading to a global scramble for oil tankers. This situation is generating windfall profits for shipowners and attracting financial investors to the sector. ADNOC Logistics, the shipping arm of UAE's state-owned energy giant ADNOC, has acquired nine VLCCs for $1.1 billion, and Chinese owners have placed numerous new tanker orders in the first half of 2026.