Summary
- Reuters reported that three very large crude carriers passed through the Strait of Hormuz for the first time since the US and Iran declared a ceasefire, signaling a partial normalization of a key global energy supply route.
- The passage through the Strait of Hormuz, which Iran had effectively blockaded after the war began, may ease uncertainty in energy markets, including surging oil prices.
- The vessels were carrying crude from Saudi Arabia, the UAE and Iraq and were headed to Malaysia and China, a move that could affect the recovery in global crude flows.
Forecast Trend Report by Period
Liberia-, China-Flagged Tankers Take Iran-Designated Route
Three very large crude carriers, or VLCCs, exited the Persian Gulf through the Strait of Hormuz on July 11, the first such passage since the US and Iran declared a ceasefire, Reuters reported.
Reuters cited shipping data from the London Stock Exchange Group. The three VLCCs were the Liberia-flagged Seriopos and the China-flagged Cospro Lake and He Long Hai. Each can carry 2 million barrels of crude.
The vessels used Iran's designated "Hormuz Passage trial anchorage" route, which bypasses Larak Island, home to Iranian military bases.
The Strait of Hormuz normally carries about 20% of global oil and liquefied natural gas shipments. But after Iran came under surprise attacks by Israel and the US on Feb. 28 and the war began, Tehran effectively blockaded the waterway, disrupting global energy supplies and sending oil prices sharply higher.
LSEG and Kpler data cited by Reuters show the Seriopos is carrying crude loaded in Saudi Arabia and the United Arab Emirates in early March and is due to arrive at Port of Malacca in Malaysia on April 21.
The two Chinese tankers are carrying Iraqi and Saudi crude, respectively. Both were chartered by Unipec, the trading arm of China Petroleum & Chemical Corp., known as Sinopec, China's largest state-owned petrochemical company.
Lee Seul-gi, Hankyung.com reporter seulkee@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
