Saudi Arabia’s rerouting of crude exports after disruptions at the Strait of Hormuz and Bab el-Mandeb has sharply increased demand for Suezmax tankers, pushing secondhand vessel prices and freight earnings close to or above VLCC levels. Greek shipowner Naftomar paid $123 million for the 2024-built Suezmax Bristol on September 1, about 12% more than the $110 million it paid per vessel for two used Suezmaxes in June and roughly 94% of the $131 million price of a new VLCC. Suezmax time charter equivalent earnings averaged $269,824 per day, above VLCC earnings of $234,821, while Black Sea–Mediterranean earnings approached $400,000 per day on August 21. Tracked crude and petroleum-product flows through Hormuz fell to about 2 million barrels per day by August 18, down approximately 89% from 18 million before the war, according to the Korea Energy Economics Institute, citing Kpler. Saudi Arabia has used the East-West pipeline to move crude from its eastern fields to Yanbu, then north through the Red Sea to Egypt’s Ain Sukhna terminal, the SUMED pipeline and Sidi Kerir. Houthi threats around Bab el-Mandeb have increased the risks of the southern route. Suezmaxes can carry about 1 million barrels and pass through the Suez Canal fully loaded, unlike fully laden VLCCs, which can face draft restrictions. Daehan Shipbuilding had secured orders for 17 Suezmaxes by the end of July and held a backlog of 36 vessels, while Samsung Heavy Industries won a two-ship order at about $93 million each. Korean shipyards expect demand to remain strong while security risks persist.