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Tankers and Gas Strait of Hormuz crisis Geopolitics

VLCCs and product tankers rapidly migrating to Atlantic basin

  • Crude shortfall due to Strait of Hormuz crisis will intensify after end of pre-war voyages and drawdown of Russian floating storage  
  • Ship-position data shows over 60 VLCCs in ballast on Cape of Good Hope route, while product tankers are in ‘mass migration’ from Pacific to Atlantic 
  • Product tanker volumes are initially holding up better than crude flows due to clean cargoes being drawn from storage for export

  • Analysis

The effective closure of the Strait of Hormuz has kept spot rates high for VLCCs and product tankers in the Atlantic basin. But deployments always adjust. Tankers that cannot load in the Middle East are heading to the Atlantic, and competition for cargoes is poised to increase

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    This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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