A 100 day Cape round trip versus roughly 50 days via Hormuz doubles the tanker fleet required per cargo unit, implying VLCC spot rates clear at a steep premium before Asian refinery run cuts force demand destruction.
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A 100 day Cape round trip versus roughly 50 days via Hormuz doubles the tanker fleet required per cargo unit, implying VLCC spot rates clear at a steep premium before Asian refinery run cuts force demand destruction.