[Very large oil tankers are rushing to the Middle East, further exacerbating the global ship shortage and pushing up freight rates] October 8th, very large oil tankers are rushing to the Middle East to take advantage of the surge in oil freight rates in the Strait of Hormuz, further exacerbating the global ship shortage and pushing up freight rates. Although attacks on ships continue, the volume of crude oil shipped through the strait has rebounded to near pre-war levels in recent weeks. However, risks to shipping have led to a sharp increase in tanker freight rates, with the cost of transporting oil from the Gulf to East Asia now six times higher than before the conflict. According to data from shipping data provider Signal Ocean, more than 40% of the world's approximately 850 very large crude oil carriers (VLCCs) are currently either located in the Persian Gulf or within a few days' voyage of the Persian Gulf. Freight analyst Georgios Sakellariou said: "Recent months have been the best ever for the crude oil tanker industry. The main problem is the inefficiency of the ship-to-ship transfer system outside the Strait of Hormuz, which has significantly drained ship capacity there and elsewhere." The journey from the Persian Gulf to East Asia takes about three weeks. VLCC freight rates are currently assessed at a record high of nearly $1.4 million per day on Wednesday. It soared nearly 540% compared to before the war, and the price of Brent crude oil increased by about 40% during the same period.