Hormuz Tanker Traffic Falls to Lowest Level Since May

Tanker traffic through the Strait of Hormuz fell to its lowest level since 7 May on Thursday. According to data from analytics firm Kpler, only one tanker crossed the strait, compared with three the previous day.

The decline came amid continued shipping risks in the Middle East and as oil prices rose back toward $100 a barrel.

The only tanker to cross the Strait of Hormuz on Thursday was the supertanker New Giant, carrying about two million barrels of Iraqi Basrah crude. The vessel is headed for the Chinese port of Rizhao, where it is expected to arrive by mid-August.

By contrast, traffic through the Bab el-Mandeb strait between the Red Sea and the Gulf of Aden increased. Kpler recorded 32 tanker crossings, compared with 26 the previous day. Nine of the 18 tankers leaving the strait were carrying crude oil, including two Chinese supertankers.

Some companies are already changing their routes. The tanker Torm Innovation turned toward the Suez Canal instead of taking the usual route through Bab el-Mandeb, potentially making its journey to Asia nearly three times as long. Saudi Aramco has also begun offering additional crude shipments from the Egyptian Mediterranean port of Sidi Kerir as an alternative to loading at its Red Sea ports.

(Reuters, lud)