Traffic in the Strait of Hormuz is limited to three vessels daily as oil shipments shift to the Mediterranean due to regional security concerns.
Traffic in Hormuz is congested with three vessels: Oil shipments are shifting to the Mediterranean.
The daily ship passage through the Strait of Hormuz was limited to three vessels on July 22-24. Due to the security risks in the region, some tankers changed their routes, while Saudi Aramco began offering additional oil loadings from the Sidi Kerir terminal on Egypt's Mediterranean coast as an alternative to Red Sea ports.
Ship traffic in the Strait of Hormuz, one of the most critical passages for global oil trade, continues to remain well below normal levels due to regional conflict and attack risks.
According to Kpler's pioneering ship tracking data, only three vessels passed through Hormuz on July 22, 23, and 24. The data shows that a significant portion of tankers and bulk carriers preferred to wait within the Gulf or in the Gulf of Oman.
On July 24, the VLCC named ROMANIA PROSPERITY, carrying Murban crude oil, was spotted off Fujairah outside of Hormuz. A day earlier, the NEW GIANT, loaded with 2 million barrels of Iraqi Basrah oil, exited the strait and headed towards Rizhao Port in China. On the same day, two vessels, including the empty VLCC named NOBLE, entered the Gulf.
The TORM INNOVATION turned back to Suez.
On July 23, 32 bulk carriers passed through the Bab el Mandeb Strait. Of these, 14 entered the Red Sea while 18 exited towards the Gulf of Aden. Nine of the exiting vessels were carrying crude oil.
The TORM INNOVATION, carrying approximately 500,000 barrels of naphtha, turned towards the Suez Canal instead of the Bab el Mandeb route it would normally take to Asia. Trade sources indicate that returning from the Mediterranean to Asia via Suez could increase the voyage duration to nearly three times that of the usual route.
Saudi Aramco has also begun offering additional crude oil loadings from the Sidi Kerir terminal on Egypt's Mediterranean coast to reduce its dependency on Red Sea ports. Transporting these loads via the Saudi Arabia Red Sea-Mediterranean pipeline allows tankers to bypass some of the risks associated with Bab el Mandeb and Hormuz.
The number of vessels passing through Hormuz does not equate to the amount of oil being transported. Since a single VLCC can carry approximately 2 million barrels, even though the number of vessels is low, the daily load volume can vary significantly from voyage to voyage.
The implications for Turkey will be felt through crude oil and product supply prices, tanker freight rates, war risk premiums, refinery inputs, and transit times for Asia-Europe shipments. As traffic in the strait thins, the cost items in the bills of lading are becoming more pronounced.
Source: SeaNews Türkiye
