Soaring VLCC freight costs make Japan's crude imports world's most expensive

Freight costs now account for roughly a fifth of crude cargo costs, driven by VLCCs spending more time at sea due to stranded Gulf and Red Sea supplies. This disproportionately impacts Japan, making its crude imports the world's most expensive, while Indian buyers are reaching farther afield for supplies. The development signals a structural shift in tanker market dynamics that could pressure refining margins and energy import costs.