Hormuz vessel traffic rebounds to 57 pc of pre-war levels: Report
New Delhi, June 26
A new daily record of 78 vessel transits after the US-Iran war has been recorded through the Strait of Hormuz, representing a recovery to about 57 per cent of pre‑war daily volumes, a report said on Friday.
The recovery in transits comes after Oman and the International Maritime Organization (IMO) announced a new safe corridor for transits close to the Omani coast, the report from S&P Global said.
Over 40 per cent of the day's transits - 33 vessels - used this route, and 25 of them outbound, while other ships continued to transit nearer Iran's territorial waters and eight vessels were detected operating dark during passage.
"While most outbound vessels had been trapped inside the Gulf since the onset of hostilities, a subset of these movements involved ships that entered more recently and are now exiting - pointing to early signs of normalisation and a gradual re-establishment of freedom of navigation patterns," the report added.
Total ship movements included 22 oil and chemical tankers, 21 bulk carriers, 12 cargo ships, seven container ships, four LPG tankers and two LNG tankers.
On aggregate, inbound movements comprised 37 per cent of traffic, with 41 per cent of these ships linked to Iran.
Additionally, ten crude tankers transited on June 24, comprising five VLCCs and three Suezmax vessels moving outbound and two VLCCs crossing inbound into the Gulf.
Only one vessel -- the VLCC AMAK -- sanctioned by the US, is linked to Iran.
Further, 12 product tankers moved through the strait, evenly split between inbound and outbound movements. Only one bitumen tanker -- the VIRAJ -- is linked to Iran, the report said.
Global crude oil prices fell sharply on Friday and were on track to post steep weekly losses as easing supply concerns in the Strait of Hormuz outweighed fresh geopolitical tensions following an attack on a cargo vessel near Oman. International oil benchmark Brent crude futures fell $1.51 or 2 per cent to $73.75 a barrel.
While US West Texas Intermediate (WTI) crude decreased $1.50 or about 2 per cent to $70.42 a barrel.
— IANS
Reader Comments
Interesting data. But the fact that 8 vessels were operating dark is concerning - shows the security situation is far from stable. We need to be careful and not rush into normalising too quickly. Our navy should continue patrolling to protect Indian interests.
Oil prices dropping is a relief for the common man. Petrol and diesel prices have been sky-high lately. Hope this translates into lower prices at the pump here in India. But geopolitical tensions remain - need constant monitoring.
57% recovery is decent progress but still far from pre-war levels. The fact that most outbound ships were trapped since hostilities began shows how disruptive this conflict has been. Diversification of supply routes is essential for stability.
While this is positive news, we should question why we are still so dependent on this chokepoint. India should invest more in alternative routes and strategic reserves. The US-Iran war has taught us a hard lesson about energy vulnerability. 🚢
Interesting that 41% of inbound traffic is linked to Iran. Despite sanctions, Iran remains a key player in Gulf shipping. The new Omani corridor seems to be a pragmatic solution - better safe passage than risky shortcuts near conflict zones.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.