The US military is not yet prepared to escort tankers through the Strait of Hormuz, US Energy Secretary Chris Wright said March 12, as the US-Israel war with Iran and the halt in tanker traffic through the key waterway continued to push crude futures higher. “It’ll...

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The ongoing US–Iran conflict has severely disrupted maritime traffic through the Strait of Hormuz—a narrow but strategically vital waterway between Oman and Iran that connects the Persian Gulf with global markets. As the Arabian Gulf accounts for a significant share...

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Rates for shipping containers from Asia to the US were mostly higher this week, while the US government is considering waiving the Jones Act to help lower crude oil prices amid the US-Iran conflict, and the Federal Maritime Commission (FMC) is looking at surcharges on...

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Clean LR2 MEG LR2 freight fell this week. The TC1 75kt MEG/Japan index went from WS391 to WS358 with the corresponding TCE dropping to $80,200/day on Baltic description round trip. A voyage west saw the TC20 90kt MEG/UK-Continent index also come off to the $7.45...

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Commercial traffic through the Strait of Hormuz remained near a standstill during the week, with only 10 vessel crossings recorded between March 7 and March 11, compared to a typical daily average of 70-80 crossings. Maritime attacks intensified across the Gulf,...

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The effective closure of the Strait of Hormuz is beginning to reshape clean tanker positioning, with LR2s the most exposed due to their heavy reliance on West-of-Hormuz employment. In response, a growing number of LR2 and MR2 vessels are ballasting from the Pacific to...

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