Traffic through the Strait of Hormuz nearly ground to a halt March 12, according to tracking data, with just one vessel observed to transit the critical waterway, as Iran’s newly installed supreme leader escalated threats to attack shipping in and around the channel.
The single ship, the bulk carrier Broad Rich, is down from seven ships recorded a day earlier, data from S&P Global Commodities at Sea showed.
Crude and condensate loadings in the Middle East have fallen, as the war enters its third week, with preliminary CAS data showing March volumes have averaged 10.9 million b/d, compared to 18.8 million b/d in total loadings in February, analysts with S&P Global Energy CERA said in a March 12 note.
For March 11, CAS observed 500,000 barrels of Qatar Low Sulfur Condensate loaded from the country’s Ras Laffan port onto one vessel, while outside the Strait of Hormuz, 3.4 million barrels of Oman Blend loaded at Mina al-Fahal onto two vessels.
