Two oil supertankers make U-turns in Strait of Hormuz after US strikes
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A file photo from December 2018 showing oil tankers passing through the Strait of Hormuz.
PHOTO: REUTERS
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LONDON – Two supertankers, both capable of hauling about two million barrels of crude, made U-turns in the Strait of Hormuz after US air strikes on Iran
The Coswisdom Lake and South Loyalty both entered the waterway and abruptly changed course on June 22, according to vessel tracking data compiled by Bloomberg. The two empty freighters then sailed south, away from the mouth of the Persian Gulf.
Ships’ electronics and signals have increasingly been jammed in the Persian Gulf since Israeli air strikes on June 13
Together, the tankers offer the first signs of a re-routing of oil ships following the US strikes. It is possible that vessels may prefer to station themselves outside Hormuz if they expect a wait upon arrival at their loading port given the higher tensions.
Oil tanker owners and traders are closely watching for signs that the escalation in the Middle East will affect vessel movements and flows.
Japan’s Nippon Yusen and Mitsui O.S.K. Lines said on June 23 that they have instructed their vessels to minimise the time spent in the Gulf as the ships continue to transit the strait. The shipping companies said they are closely monitoring the situation and sharing updates with ships operating in the region.
Earlier on June 22, Greece’s shipping ministry issued a notification advising its ships to reassess movements through Hormuz and to instead shelter in safe ports until the situation calms.
Meanwhile, oil shipping rates for Middle Eastern routes have already spiked after some tanker owners and managers paused offering vessels as tensions in the region rose, fuelling concerns over flows from the region.
Key rates for supertankers voyaging from the Middle East to East Asia rose almost 60 per cent in less than a week, according to shipbrokers and charterers, as exporters who had been trying to book ships were met with few offers.
The benchmark rate for a supertanker capable of hauling two million barrels of crude from the Middle East to China jumped to 70 to 71 Worldscale points on June 17, up from about 44 on June 12, before Israel struck Iran, according to shipbrokers. Worldscale points are a percentage of an underlying flat rate, which is set for each major route at the start of the year.
On a per-day basis, chartering costs were near US$46,000 (S$59,000) on June 17, according to data from the Baltic Exchange. This is up by more than US$12,000 from the prior session, the biggest gain since February 2024. bloomberg, REUTERS
