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India Today
4 hours ago
- Business
- India Today
Supertankers U-turn, zig-zag, pause around Strait of Hormuz as strikes continue
At least two supertankers made U-turns at the Strait of Hormuz following U.S. 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 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% of global oil and gas demand has spurred forecasts of oil surging to $100 a barrel. Disruption is already evident, with tankers avoiding spending more time than needed in the strait, industry sources Sentosa Shipbrokers said that over the past week, empty tankers entering the Gulf are down 32% while loaded tanker departures are down 27% from early May Coswisdom Lake, a very large crude carrier (VLCC), reached the strait on Sunday before making a U-turn and heading south, Kpler and LSEG data showed. On Monday it turned back again, resuming its journey towards the port of Zirku in the United Arab 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 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 did not immediately respond to a request for LINGERINGShipowners will try to minimise time that vessels spend inside the Strait of Hormuz due to the conflict, KY Lin, spokesperson at Taiwan's Formosa Petrochemical Corp."Vessels will only enter the region when it is nearer to their loading time," he said on shipping firms Nippon Yusen 9101.T and Mitsui O.S.K. Lines 9104. T said on Monday they will continue to transit the strait but have instructed their vessels to minimise time spent in the oil traders and analysts told Reuters that they had been warned to expect possible shipping delays as vessels wait for their turn outside the parliament on Sunday approved a measure to close the strait, Iran's Press TV reported, but any such move would require approval from the Supreme National Security has threatened to close the strait in the past but has never done so.- EndMust Watch
Mint
5 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)
Time of India
6 hours ago
- Business
- Time of India
Middle East crisis: Supertankers making U-turns near Strait of Hormuz; at least 5 rerouted
Strait of Hormuz (Pic credit: AP) At least two supertankers abruptly turned back near the Strait of Hormuz following US military strikes on Iran, according to ship-tracking data, the clearest sign yet that escalating Middle East tensions are beginning to rattle the arteries of global energy supply. The moves come as the US joins Israel in its military campaign against Iran, raising fears of Iranian retaliation in the form of a partial or full closure of the Strait, the narrow chokepoint between Iran and Oman through which nearly 20% of the world's oil and gas shipments pass. Shipowners, energy traders, and governments are watching with growing unease as oil markets spasm and vessels stall, reroute, or anchor offshore, waiting out the storm. Tankers turn back, rates skyrocket On Sunday, the Coswisdom Lake, a Chinese-chartered Very Large Crude Carrier (VLCC), made a U-turn near the strait before changing course again on Monday, resuming its route toward the UAE port of Zirku, according to data from Kpler and LSEG. The vessel was scheduled to load crude for delivery to China, chartered by Sinopec's trading arm, Unipec. The Chinese firm has not commented publicly. Another VLCC, the South Loyalty, scheduled to lift crude from Iraq's Basra terminal, also reversed course and remained outside the strait, according to LSEG and Kpler data. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The rerouting isn't isolated. Over the past week, inbound empty tankers entering the Gulf have fallen 32%, and loaded departures are down 27% compared to early May levels, according to Singapore-based Sentosa Shipbrokers. Rates for VLCCs, which can carry 2 million barrels of oil, have more than doubled in the past week, crossing $60,000 per day, freight data shows. Rerouting, delays and anchored vessels More tankers are now hugging the coast of Oman or halting off ports in the UAE. MarineTraffic data shows a cluster of tankers rerouting to avoid Iranian waters, while primarily Iranian-flagged vessels remain within domestic zones. The chemical tanker Kohzan Maru was seen diverting away from the strait, lingering in the Gulf of Oman. The oil tanker Red Ruby and chemical carrier Marie C, both en route for loading, opted to anchor off Fujairah, UAE, instead of transiting the strait. "Vessels will only enter the region when it is nearer to their loading time," said KY Lin, spokesperson for Taiwan's Formosa Petrochemical Corp. The company is among many adopting a wait-and-watch stance, balancing operational deadlines with geopolitical risk. Oil prices surge, traders brace for supply snags The uncertainty pushed Brent and WTI crude to five-month highs Monday, with markets swinging on fears that any further escalation or Iranian naval retaliation could pinch already tight global supply. Analysts are now bracing for oil potentially spiking to $100 a barrel. Some Japanese shippers, including Nippon Yusen and Mitsui O.S.K. Lines, said their vessels are still transiting the strait but under strict instructions to reduce time spent inside Gulf waters. Oil traders and analysts told Reuters they have been warned to expect shipping delays as vessels cluster outside the high-risk zone, awaiting instructions or turnarounds. Iranian threats loom, but closure still unlikely — for now Iran's Press TV reported that Iran's Parliament on Sunday approved a resolution to close the Strait of Hormuz, a move that, if executed, could send shockwaves through global markets. However, such a drastic action would require approval from the country's Supreme National Security Council. While Iran has often threatened to close the Strait during periods of tension, it has never followed through. Analysts warn that even the perception of a threat is enough to unsettle trade routes and inflate freight and fuel costs.
Business Recorder
8 hours ago
- Business
- Business Recorder
Tankers U-turn, zig-zag, pause around Strait of Hormuz
SINGAPORE: At least two supertankers made U-turns at the Strait of Hormuz following U.S. 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% of global oil and gas demand flows. That has spurred forecasts of oil surging to $100 a barrel. Disruption is already evident, with tankers avoiding spending more time than needed in the strait, industry sources said. Singapore-based Sentosa Shipbrokers said that over the past week, empty tankers entering the Gulf are down 32% while loaded tanker departures are down 27% from early May levels. The Coswisdom Lake, a very large crude carrier (VLCC), reached the strait on Sunday before making a U-turn and heading south, Kpler and LSEG data showed. On Monday it turned back again, resuming 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. US urges China to dissuade Iran from closing Strait of Hormuz 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 immediately respond to a request for comment. No lingering Shipowners will try to minimise time that vessels spend inside the Strait of Hormuz due to the conflict, KY Lin, spokesperson at Taiwan's Formosa Petrochemical Corp. 'Vessels will only enter the region when it is nearer to their loading time,' he said on Monday. 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. Iran's top security body to decide on Hormuz closure, Press TV reports 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. Iran's parliament on Sunday approved a measure to close the strait, Iran's Press TV reported, but any such move would require approval from the Supreme National Security Council. Iran has threatened to close the strait in the past but has never done so.
New Straits Times
9 hours ago
- Business
- New Straits Times
Tankers U-turn, zig-zag, pause around Strait of Hormuz
SINGAPORE: At least two supertankers made U-turns at 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. That has spurred forecasts of oil surging to US$100 a barrel. Disruption is already evident, with tankers avoiding spending more time than needed in the strait, industry sources said. Singapore-based Sentosa Shipbrokers said that over the past week, empty tankers entering the Gulf are down 32 per cent while loaded tanker departures are down 27 per cent from early May levels. The Coswisdom Lake, a very large crude carrier (VLCC), reached the strait on Sunday before making a U-turn and heading south, Kpler and LSEG data showed. On Monday it turned back again, resuming 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 immediately respond to a request for comment. Shipowners will try to minimise time that vessels spend inside the Strait of Hormuz due to the conflict, KY Lin, spokesperson at Taiwan's Formosa Petrochemical Corp. "Vessels will only enter the region when it is nearer to their loading time," he said on Monday. 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. Iran's parliament on Sunday approved a measure to close the strait, Iran's Press TV reported, but any such move would require approval from the Supreme National Security Council. Iran has threatened to close the strait in the past but has never done so.
