Latest news with #Iranian-flagged
Mint
2 hours ago
- Business
- Mint
As Israel-Iran war escalates, tankers don't know what to do. They pause, make a U-turn, zig-zag around Strait of Hormuz
At least two supertankers made U-turns near the Strait of Hormuz following US military strikes on Iran, shiptracking data shows, as more than a week of violence in the region prompts vessels to speed, pause, or alter their journeys. Washington's decision to join Israel's attacks on Iran has stoked fears that Iran could retaliate by closing the strait between Iran and Oman through which around 20 per cent of global oil and gas demand flows. Fears that Iran could shut the strait has spurred forecasts of oil surging to $100 a barrel. Both Brent and West Texas Intermediate crude hit fresh five-month highs on Monday in choppy trade as investors weighed the potential risks to supply. Freight data shows that shipping rates for supertankers, which can carry 2 million barrels of oil, have also soared, more than doubling in a week to over $60,000 a day. On Sunday, the Coswisdom Lake, a very large crude carrier supertanker made a U-turn and headed south after reaching the strait, a Reuters report, citing Kpler and LSEG data, said. A day later, the carried turned around and resumed its journey towards the port of Zirku in the United Arab Emirates. The South Loyalty, also a VLCC, made a similar U-turn and remained outside the strait on Monday, LSEG data showed. It was scheduled to load crude from Iraq's Basra terminal, according to Kpler data and two shipping sources. The Coswisdom Lake was scheduled to load crude at Zirku for delivery to China. It was chartered by Unipec, a trading arm of China's state-run Sinopec, LSEG and Kpler data showed. Sinopec did not respond to a request for immediate comment. There have also been changes to how tankers are navigating the area, with a cluster of them sailing closer to Oman, while mainly Iranian-flagged vessels use Iran's local waters, shiptracking data on the MarineTraffic platform showed on Monday. The chemical tanker Kohzan Maru was sailing towards the strait before changing course to remain in the Gulf of Oman. The oil tanker Red Ruby and chemical carrier Marie C were also sailing towards the strait before opting to drop anchor off the UAE port of Fujairah, the data showed. All three en route for loadings. Shipowners are trying to minimise time that vessels spend inside the Strait of Hormuz due to the conflict, KY Lin, spokesperson at Taiwan's Formosa Petrochemical Corp, said on Monday. "Vessels will only enter the region when it is nearer to their loading time," he said. Japanese shipping firms Nippon Yusen and Mitsui O.S.K. Lines said on Monday they continue to transit the strait but have instructed their vessels to minimise time spent in the Gulf. Several oil traders and analysts told Reuters that they had been warned to expect possible shipping delays as vessels wait for their turn outside the area. "Diversifying sources of supply and shipping routes and learning from past disruptions like the Red Sea are critical," said Leon Alexander, partner at global law firm Clyde & Co. (With inputs from Reuters)
Express Tribune
5 days ago
- Business
- Express Tribune
Ships advised to keep their distance from Iran around Hormuz Strait
Commercial ships are sailing close to Oman and are being advised by maritime agencies to avoid Iran's waters around the Strait of Hormuz, with the risk of the conflict between Israel and Iran escalating, shipping sources said on Wednesday. Iran has in the past threatened to close the critical Strait of Hormuz to traffic in retaliation for Western pressure. Any closure of the strait could restrict trade and affect global oil prices. In the latest measure, ships sailing towards Hormuz are looking to minimise risks and are sailing close to Oman's coast for much of the journey. The Gulf of Oman is 200 miles (320 km) wide - much of it international waters — and is bordered by Oman and Iran, as well as the United Arab Emirates and Pakistan, which have territorial waters of 12 miles. Journeys will still need to be made through Hormuz itself, which is 21 miles (33 km) wide at its narrowest point. The two shipping lanes are just 2 miles (3 km) wide in either direction. A larger cluster of ships was sailing closer to the Omani coast on Wednesday, while mainly Iranian-flagged vessels were sailing within Iranian waters, according to ship-tracking data on the MarineTraffic platform. "Taking into account that during the past, there have been incidents of violations of freedom of navigation and maritime safety for merchant vessels near the shores of Iran, we strongly suggest that Greek-flagged vessels sail, if possible, away from waters of Iranian jurisdiction when in the Persian Gulf, Strait of Hormuz and Gulf of Oman," the Greek Shipping Ministry said in a statement on Tuesday. Electronic interference with commercial ship navigation systems has surged in recent days around the Strait of Hormuz and the wider Gulf, adding to risks for sailors hauling oil cargoes.
Straits Times
5 days ago
- Politics
- Straits Times
Ships advised to keep their distance from Iran around Hormuz Strait
FILE PHOTO: A tug boat moves cargo towards the Strait of Hormuz, in Musandam province, Oman, July 20, 2018. Picture taken on July 20, 2018. REUTERS/Hamad I Mohammed/ File Photo Ships advised to keep their distance from Iran around Hormuz Strait LONDON - Commercial ships are sailing close to Oman and are being advised by maritime agencies to avoid Iran's waters around the Strait of Hormuz, with the risk of the conflict between Israel and Iran escalating, shipping sources said on Wednesday. Iran has in the past threatened to close the critical Strait of Hormuz to traffic in retaliation for Western pressure. Any closure of the strait could restrict trade and affect global oil prices. In the latest measure, ships sailing towards Hormuz are looking to minimise risks and are sailing close to Oman's coast for much of the journey. The Gulf of Oman is 200 miles (320 km) wide - much of it international waters - and is bordered by Oman and Iran, as well as the United Arab Emirates and Pakistan, which have territorial waters of 12 miles. Journeys will still need to be made through Hormuz itself, which is 21 miles (33 km) wide at its narrowest point. The two shipping lanes are just 2 miles (3 km) wide in either direction. A larger cluster of ships was sailing closer to the Omani coast on Wednesday, while mainly Iranian-flagged vessels were sailing within Iranian waters, according to ship-tracking data on the MarineTraffic platform. "Taking into account that during the past, there have been incidents of violations of freedom of navigation and maritime safety for merchant vessels near the shores of Iran, we strongly suggest that Greek-flagged vessels sail, if possible, away from waters of Iranian jurisdiction when in the Persian Gulf, Strait of Hormuz and Gulf of Oman," the Greek Shipping Ministry said in a statement on Tuesday. Iran's Supreme Leader Ayatollah Ali Khamenei said in a statement read by a television presenter on Wednesday that his country will not accept U.S. President Donald Trump's call for an unconditional surrender, in his first comments since Israel began bombarding Iran on Friday. Iran has responded with deadly barrages across Israel. Electronic interference with commercial ship navigation systems has surged in recent days around the Strait of Hormuz and the wider Gulf, adding to risks for sailors hauling oil cargoes. Average earnings for the supertankers that carry a maximum of 2 million barrels of oil have surged in recent days to over $50,000 a day from over $20,000 a week ago, according to analysts. "The regional threat level remains significant as strikes continue from both Iran and Israel," the multinational, U.S.-led Combined Maritime Forces JMIC Information Center said in an advisory, adding that the maritime threat level is elevated. QatarEnergy has instructed tankers to remain outside the Strait of Hormuz and to enter the Gulf only the day before loading, amid military strikes between nearby Iran and Israel, two sources familiar with the matter told Reuters on Tuesday. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
