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Tankers and Gas Strait of Hormuz crisis VLCC

Crude trade dynamics unsustainable, promising tanker shift ahead

  • Current global flows are being dictated by temporary inventory draws; if Hormuz remains effectively closed for too long, tanker rate environment will evolve
  • Saudi Aramco chief executive warns that market will not normalise until 2027 if Hormuz is not reopened in the next few weeks
  • VLCC, suezmax and aframax indexes all fell on Tuesday, with the US Gulf-North Europe aframax index sinking 20% vs Monday to $50,176 per day

  • Analysis

The crude tanker business will be at a crossroads in the coming months if the Strait of Hormuz does not fully reopen. Stopgap measures have kept commodity prices surprisingly restrained, but these measures can’t hold the line indefinitely

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