Latest news with #supertankers
Reuters
23-06-2025
- Business
- Reuters
Tankers U-turn, zig-zag, pause around Strait of Hormuz
SINGAPORE, June 23 (Reuters) - 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. 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 ( opens new tab, 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 (9101.T), opens new tab and Mitsui O.S.K. Lines (9104.T), opens new tab 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.
Yahoo
23-06-2025
- Business
- Yahoo
Two Supertankers U-Turn in Strait of Hormuz After US Strikes
(Bloomberg) -- Two supertankers, each 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 would ensnare commercial shipping in the region. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice One Architect's Quest to Save Mumbai's Heritage From Disappearing NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports The Coswisdom Lake and South Loyalty both entered the waterway and abruptly changed course on Sunday, 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. Even with jamming and vessels attempting to sail further from the Iranian coast, oil and gas tankers have been moving through the strait after the US strikes. The turning oil carriers offer the first signs of re-routing. Vessel owners and traders are closely watching for signs that the escalation in the Middle East will affect movements and flows. Earlier on Sunday, 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. It's possible vessels may prefer to station themselves outside the waterway if they expect a wait upon arrival at their loading port, given the higher tensions. Benchmark tanker earnings were already up close to 90% before the weekend's attacks. Freight derivatives appeared to surge on Sunday night. (Adds detail in paragraph four.) Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P.
Yahoo
22-06-2025
- Business
- Yahoo
Two Supertankers U-Turn in Strait of Hormuz After US Strikes
(Bloomberg) -- 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. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice One Architect's Quest to Save Mumbai's Heritage From Disappearing NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports The Coswisdom Lake and South Loyalty both entered the waterway and abruptly changed course on Sunday, 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 Sunday, 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% before the weekend's attacks. Freight derivatives appeared to surge on Sunday night. Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
22-06-2025
- Business
- Bloomberg
Two Supertankers U-Turn in Strait of Hormuz After US Strikes
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 Sunday, according to vessel tracking data compiled by Bloomberg. The two empty freighters then sailed south, away from the mouth of the Persian Gulf.
