Three stranded tankers carrying 5 million barrels of crude oil exited the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the U.S. unlocks more supply stuck in the Gulf, bringing down global prices.
Details of the Departing Tankers
South Korean-flagged VL Breeze, a Very Large Crude Carrier (VLCC) carrying 2 million barrels of Qatari condensate and Abu Dhabi crude, passed the strait and is heading to Daesan, South Korea, according to data from LSEG and Kpler. The supertanker is chartered by South Korean refiner Hyundai Oilbank.
VLCC Plata Carrier, chartered by Indian Oil Corp (IOC), is heading out of the strait with 2 million barrels of Saudi crude. Alongside it, Suezmax tanker Prudent Warrior is heading for Sohar, Oman, with 1 million barrels of Iraqi Basrah crude. Both vessels sail under the Liberian flag. Hyundai Oilbank and IOC could not be immediately reached for comment.
Impact on Global Supply
Kpler and Vortexa analysts estimated last week that close to 90 million barrels of crude were stuck inside the Gulf. The release of these tankers is expected to ease supply constraints and lower global oil prices. South Korea’s maritime ministry said on Wednesday that four vessels operated by South Korean shippers had exited the strait, one heading to South Korea and the others to third countries. Eighteen of the 26 vessels stranded since the start of the Middle East conflict remain in the Gulf, the ministry said.
Maritime Corridors and LNG Movements
It was not immediately clear whether the ships were sailing along the temporary maritime corridors established by Oman and the International Maritime Organization to facilitate safe passage. Oman said it would keep the Strait of Hormuz open without imposing tolls, designating two temporary routes north and south of the existing shipping lane.
Two empty liquefied natural gas (LNG) tankers — Shandong Redwood and Milaha Qatar — were the latest to be seen west of the strait to load cargoes from Qatar, shipping data showed. This brings the known empty LNG ships transiting through the strait to load at Qatar to nine, the largest number since the war began. Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said the Gulf state would resume normal LNG production within a few weeks, the Financial Times reported on Wednesday.
