To maintain vital maritime traffic, operators have implemented a shuttle system that offloads crude to waiting carriers in the Gulf of Oman, helping total flows rise more than 70% since July. Despite these adjustments, daily passage remains highly volatile and fell to 7.3 million barrels per day during late October. Meanwhile, regional producers have started absorbing soaring freight charges and utilizing their own fleets to prevent Asian refiners from defecting to American crude suppliers.
Key points
Operational shuttle maneuvers have absorbed nearly one-fifth of the world's supertanker f…: Operational shuttle maneuvers have absorbed nearly one-fifth of the world's supertanker fleet, pushing per-barrel transport expenses from $6.50 up to roughly $21.
Gulf producers are shouldering severe shipping cost increases themselves to safeguard the…: Gulf producers are shouldering severe shipping cost increases themselves to safeguard their Asian customer base against expanding American competitors.
Vessel operators are actively turning off transponders and shuttling oil across the strai…: Vessel operators are actively turning off transponders and shuttling oil across the strait to mitigate astronomical insurance premiums for waiting ocean vessels.
Sources checked by our analysis pipeline: 1
Within 24 hours of the U.S. and Israel going to war with Iran, Tehran responded with a wave of attacks on commercial ships in the Strait of Hormuz to cut off one of the world's main sources of crude oil.
Iran's campaign was initially successful, with crude exports plunging nearly 90% to 1.8 million barrels a day in March compared with 16 million bpd in February, according to data provided by Kpler.
But crude flows have rebounded over the past eight months as the U.S. military provides protection to tankers transiting Hormuz. Tehran has responded by escalating its attacks in recent weeks.
More commercial ships have come under attack in October than at any other point in the war. Yet in contrast to March when exports cratered, tankers have continued to ferry substantial volumes of crude oil through Hormuz in a sign that the shipping industry has adapted to wartime in the Persian Gulf.
As of Oct. 27, at least 30 vessels, mostly oil tankers, were hit this month leaving at minimum 16 seafarers injured, according to data from the…
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