Tanker charter rates have surged to unprecedented levels after the Strait of Hormuz—the main artery of global energy logistics—was blocked following U.S. and Israeli airstrikes on Iran. South Korean refiners have seen their crude carriers stranded at the strait, with some companies signing ultra-premium charter contracts to secure alternative vessels. Soaring logistics and financing costs, compounded by surging Middle East oil prices, are stoking inflation fears.
GS Caltex recently chartered a 317,000-ton Very Large Crude Carrier (VLCC) owned by Greece's Minerva Marine at approximately $424,000 per day, or about 620 million won. The 60-day charter totals over $26 million, roughly 38 billion won—double the typical rate, according to industry sources and major wire services on Wednesday.
Seven South Korean crude oil and liquefied natural gas (LNG) carriers are currently stranded at the Strait of Hormuz, including two tankers each from GS Caltex and HD Hyundai Oilbank. GS, HD Hyundai, and SK Energy are all reportedly pursuing premium charter contracts to bring in alternative crude supplies.
HD Hyundai Oilbank has also chartered a state-of-the-art vessel from Greek shipping company Latsco Shipping at rates far exceeding normal levels to transport crude imports from the United States. According to foreign media reports, insurance premiums for vessels transiting the Middle East have spiked up to 12-fold following the U.S. airstrikes on Iran, adding fuel to rising freight and insurance costs.
The inflation wave triggered by the Iran crisis is weighing heavily on the South Korean economy, with logistics cost increases compounding the international oil price spike. According to Opinet, the Korea National Oil Corporation's oil price information service, international kerosene prices jumped 77.7% in a single day—from $130.24 per barrel on the 3rd to $231.41 on the 4th. Rising kerosene prices immediately affect household heating costs. Gasoline prices rose 9.2% and diesel climbed 15.3% over the same period.
"If the Hormuz Strait blockade extends and the war enters a prolonged phase with intensified Iranian counterattacks, this year's inflation rate could significantly exceed the projected low-2% range, while growth will face downward pressure," warned Yang Jun-seok, professor of economics at Catholic University of Korea.
