Two Supertankers U-Turn in Strait of Hormuz After US Strikes
(Bloomberg) -- Two supertankers, each capable of hauling about 2 million barrels of crude, U-turned in the Strait of Hormuz after US airstrikes on Iran raised the risk of a response that would ensnare commercial shipping in the region.
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The Coswisdom Lake and South Loyalty both entered the waterway and abruptly changed course on Sunday, according to vessel tracking data compiled by Bloomberg. The two empty freighters then sailed south, away from the mouth of the Persian Gulf.
Ships' electronics and signals have increasingly been jammed in the Persian Gulf since Israeli airstrikes on June 13, but the two vessels' arrivals — and subsequent turnarounds — have the hallmarks of normal tanker movements.
Even with jamming and vessels attempting to sail further from the Iranian coast, oil and gas tankers have been moving through the strait after the US strikes. The turning oil carriers offer the first signs of re-routing.
Vessel owners and traders are closely watching for signs that the escalation in the Middle East will affect movements and flows. Earlier on Sunday, Greece's shipping ministry issued a notification advising its ships to reassess movements through Hormuz and to instead shelter in safe ports until the situation calms.
It's possible vessels may prefer to station themselves outside the waterway if they expect a wait upon arrival at their loading port, given the higher tensions.
Benchmark tanker earnings were already up close to 90% before the weekend's attacks. Freight derivatives appeared to surge on Sunday night.
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