Hormuz tanker transits stay far below normal

Clarksons said tanker movements through the Strait of Hormuz remain heavily disrupted, even as its latest 30 March update pointed to a slight week-on-week increase in transits.

Summarising that update, Clarksons Research global head Steve Gordon said average Strait of Hormuz transits over the past week were six per day, up from four the week before and about 125 before the conflict.

Clarksons said about 70% of those recent transits were ships exiting the Gulf.

It is estimated that about 13 oil tankers carrying 14M barrels had transited the Strait over the past seven days, compared with 250 vessels carrying 300M barrels in a normal week.

Clarksons said Iranian crude exports, mostly via Kharg Island, remain broadly in line with preconflict trends at more than 1.5M b/d.

At the same time, other export routes have taken on more weight.

Its 30 March update said crude exports from Yanbu were running at about 5M b/d, up from 1M b/d, with the pipeline at capacity and about 35 VLCCs waiting or en route.

It also said US crude exports could reach 5M b/d, against a more normal 4M b/d, supported by a wide arbitrage.

Those shifts in trade flows are being reflected in freight markets.

Clarksons said energy shipping charter markets remain elevated, although rates are stronger in the Atlantic than in the East.