Tanker traffic through the Strait of Hormuz dropped to its lowest point since May 7 as shipping risks in the Middle East continued to rise, according to BlockBeats. Vessel-tracking data showed that only one tanker passed through the strait on July 23, down from three a day earlier, while no ships entered the waterway that day. Oil prices climbed back toward $100 a barrel as the market reacted to the disruption risk.
The sole vessel recorded leaving the strait was the VLCC New Giant, which was carrying about 2 million barrels of Iraqi Basra crude and is expected to arrive at Rizhao Port in China in mid-August. At the same time, the U.S. military said it had completed a 13th consecutive night of strikes on Iran, adding to concern over the safety of energy shipments in the region.
Shipping activity in the Bab el-Mandeb Strait recovered, with 32 tankers passing through on July 23 versus 26 the previous day. Of those, 14 entered the Red Sea and 18 headed toward the Gulf of Aden. Some Asia-bound tankers have started rerouting via the Suez Canal instead of the traditional Bab el-Mandeb passage, a change that could nearly triple voyage times. Saudi Aramco has also begun offering additional crude loading options through Egypt’s Mediterranean port of Sidi Kerir as an alternative to Red Sea export points.
Tanker traffic through the Strait of Hormuz has fallen to its lowest level in two and a half months as shipping risks in the Middle East continue to escalate, according to BlockBeats on July 24. Oil prices moved back toward $100 a barrel.
Hormuz traffic drops sharply
Vessel-tracking data showed that only one tanker passed through the Strait of Hormuz on July 23, the lowest level since May 7. That compared with three tankers on July 22.
The vessel recorded leaving the strait that day was the very large crude carrier, or VLCC, New Giant. It was carrying about 2 million barrels of Iraqi Basra crude and is expected to arrive at Rizhao Port in China in mid-August.
No ships entered the strait on the day, the data showed.
Security concerns remain in focus
The U.S. military said it had completed a 13th straight night of strikes on Iran. That added to market concern over the security of energy transportation in the Middle East.
Bab el-Mandeb activity rebounds
Shipping activity in the Bab el-Mandeb Strait picked up at the same time. A total of 32 tankers passed through the strait on July 23, up from 26 a day earlier. Of those, 14 moved into the Red Sea and 18 headed toward the Gulf of Aden.
Some tankers adjust routes
Regional risks have prompted some tankers to change course. Data showed that some Asia-bound tankers are choosing to reroute via the Suez Canal instead of taking the traditional Bab el-Mandeb route, a shift that could nearly triple voyage times.
Saudi Aramco has also started offering additional crude loading options through Egypt’s Mediterranean port of Sidi Kerir to replace shipments from Red Sea ports and reduce the impact of the regional conflict on exports.
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