Two oil supertankers U-turn in Strait of Hormuz after US strikes
The tankers offer the first signs of a re-routing of oil ships following the US strikes. PHOTO: REUTERS
Two oil supertankers U-turn in Strait of Hormuz after US strikes
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LONDON – Two supertankers both 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 will ensnare commercial shipping in the region.
The Coswisdom Lake and South Loyalty both entered the waterway and abruptly changed course on June 22, 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.
Together, the tankers offer the first signs of a re-routing of oil ships following the US strikes. It's possible vessels may prefer to station themselves outside Hormuz if they expect a wait upon arrival at their loading port given the higher tensions.
Oil tanker owners and traders are closely watching for signs that the escalation in the Middle East will affect vessel movements and flows. Earlier on June 22, 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.
Benchmark tanker earnings were already up close to 90 per cent before the weekend's attacks. Freight derivatives appeared to surge late on June 22. bloomberg
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