More supertankers enter the Persian Gulf, traffic through the Strait of Hormuz recovers

Source: Global Market Report

Since Iran attacked a commercial vessel navigating the Strait of Hormuz last week, ship traffic through this crucial global passage has seen its first recovery.

According to Kpler data, around 24 commodity vessels navigated the Strait of Hormuz on Monday, including crude oil and liquefied natural gas tankers as well as bulk carriers. After a container ship was attacked last Thursday, ship traffic through this strategic waterway had briefly declined.

Vessels entering the Persian Gulf are mainly oil tankers operated by private companies. A Saudi-flagged supertanker traversed the Strait of Hormuz and entered the Persian Gulf after turning off its transponder. The total carrying capacity of these vessels is about 9 million barrels of crude oil, and shipowners' confidence in passing through this route is growing.

After last week's vessel attack, the United States launched a new round of strikes against Iran, after which both sides agreed to cease hostilities ahead of peace talks later this week. Shipowners, traders, and global investors are closely watching the return of tankers to the Persian Gulf, as this is critical for Middle Eastern oil-producing countries to resume crude production.

Among the vessels entering the Persian Gulf, three ultra-large oil tankers operated by South Korea's Sinokor were sailing unladen and openly broadcasting their routes along the Omani coast. A Suezmax oil tanker owned by a Greek shipowner and flying the Marshall Islands flag reported its position in the Gulf of Oman on June 27, and later sent a signal from inside the Persian Gulf, suggesting it may have crossed the Strait of Hormuz with its transponder turned off.