AT LEAST one tanker operator is understood to have paid a fee to Iran to transit the Strait of Hormuz while several other tankers have passed following Iranian vetting and diplomatic interventions, according to several well-placed sources with direct knowledge of the transits, wrote editor-in-chief Richard Meade, senior risk and compliance analyst, Bridget Diakun and maritime risk analyst Tomer Raanan.

Multiple governments including India, Pakistan, Iraq, Malaysia and China are all understood to be discussing vessel transit plans directly with Tehran, where officials within the Islamic Revolutionary Guard Corps have established a nascent ship registration system for “approved” vessels to agree safe passage.

At least nine ships have now exited the strait via the “safe” corridor that routes ships through Iranian territorial waters via Iran’s Larak Island, which is used by the IRGC Navy and port authority to assess visual confirmation of the vessels.

Transits through the Strait of Hormuz still amount to a trickle as most owners avoid sending their vessels through the chokepoint.

There have been 15 transits recorded from March 15-17, according to Lloyd’s List Intelligence data. Approximately 90% of this activity is linked to Iran either through trade or ownership.

Yanbu loading risk rises as Iran targets energy infrastructure

The closure of the Strait of Hormuz precipitated a flood of tankers to the Red Sea through the Houthi-controlled Bab el Mandeb strait. Very large crude carriers and suezmaxes are streaming towards the Red Sea port of Yanbu to load Saudi crude from the East-West Pipeline, reported senior maritime reporter, Greg Miller.

Yanbu fixtures offer astronomical profits to owners willing to take the risk.

The latest fully fixed contract confirmed by Tankers International — for Sinokor’s Gabon Prosperity (IMO: 9457543) — pays $352,323 per day for a voyage to the west coast of India.

The closure of the Strait of Hormuz rendered Yanbu the primary conduit for Middle East Gulf crude exports. The East-West Pipeline has capacity for 7m barrels per day, according to Saudi Aramco.

Yanbu crude liftings averaged 3.4m bpd in the week ending March 15, more than double the 1.6m bpd exported in the last full week prior to the Strait of Hormuz closure, according to Vortexa data. The latest week’s average volume is up 165% versus the weekly average of 1.3m bpd in January 2025-February 2026.

Fujairah loadings plummet as drone attacks rock UAE port prompting tanker rethink

Drone attacks on the UAE’s port of Fujairah have deterred tankers from lifting Murban crude oil as loading volumes at the port plummet, reported senior reporter, APAC, Matthew Rajendra.

Vortexa data shows a sharp decline in loadings at the port of Fujairah last week as continued attacks disrupt port operations. Loadings between March 9 and March 15 were 66% lower than the 1.9m barrels per day loaded on to vessels between March 2 and March 8.

But attacks on the Fujairah Oil Tanker Terminal have disrupted operations, with the port intermittently suspending loadings from FOTT last week.

India- and Pakistan-owned ships transit Strait of Hormuz

Vessels owned by the governments of India and Pakistan have successfully transited the Strait of Hormuz in recent days, although traffic is still dominated by Iranian-linked tonnage, wrote senior risk and compliance analyst, Bridget Diakun, senior reporter Joshua Minchin and maritime risk analyst Tomer Raanan.

The India-flagged LPG carriers, Shivalik (IMO: 9356892) and Nanda Devi (IMO: 9232503), both owned by the state-owned Shipping Corporation of India, transited the strait around March 13 or 14.

Pakistan-flagged, 109,990 dwt crude oil tanker Karachi (IMO: 9903413), owned by the Pakistan National Shipping Corp, also transited the strait on March 15. All three journeys were eastbound.

Recent transits also suggested that some vessels are sailing through Iran’s territorial waters and around Larak Island on their outbound voyages.

Reports have emerged that India is in dialogue with Tehran to allow India-flagged vessels to transit the strait, while Chinese vessels have reportedly been broadcasting their identity when transiting in a bid to avoid attack.

Despite continued threats by Iranian forces that the strait is closed to “Iran’s enemies”, analysis of attacks on vessels so far reveals that targeting is much more random in nature, designed to cause maximum disruption rather than target vessels linked to specific nationalities.

If that truly is the aim of the Iranian regime, then Lloyd’s List Intelligence data shows it is yielding some success.

The campaign on shipping has succeeded in collapsing Hormuz traffic, and even those that are choosing to transit the strait are mostly exiting the Middle East Gulf, rather than entering. 

Old bulk carriers lead surge in ship recycling sales while pricing firms

The ship recycling market has gathered momentum over the past two weeks, with a wave of older vessels, particularly vintage bulk carriers, being sold for demolition, reported markets editor, Rob Willmington.

The surge in activity comes as rising fuel costs and shifting market conditions may be pushing shipowners to dispose of ageing tonnage.

Cash buyer Wirana Shipping notes that with bunker prices having jumped by as much as 40% in the past fortnight this is increasing the financial pressure on operators of older, less efficient vessels.