Oil Tankers Depart Strait of Hormuz Amid US-Iran Ceasefire

Three supertankers have successfully navigated the Strait of Hormuz, a vital waterway for global energy shipping, amidst a delicate ceasefire between the United States and Iran. Recent shipping data indicates that these vessels, key to oil transport, are now on their way following an extended period of disruption caused by Iran's blockade of this crucial route.

The Strait of Hormuz is critical for approximately 20 per cent of the world’s oil and liquefied natural gas shipments. Since the escalation of the conflict involving the US and Israel against Iran in late February, oil supply chains have faced significant interruptions, contributing to rising oil prices on international markets.

The three supertankers that departed include the Liberia-flagged Very Large Crude Carrier (VLCC) Serifos, and two VLCCs registered in China, Cospearl Lake and He Rong Hai. They left the “Hormuz Passage trial anchorage,” a route designed to bypass Iran's Larak Island, on Saturday, according to reports from the London Stock Exchange Group (LSEG).

Each supertanker has a capacity to transport up to 2 million barrels of oil. The Serifos, which is chartered by PTT, a state-owned energy company in Thailand, was loaded with crude oil sourced from Saudi Arabia and the United Arab Emirates in early March. It is projected to reach Malaysia's Malacca Port by April 21, as indicated by LSEG and analytics firm Kpler.

Meanwhile, another vessel, Ocean Thunder, which carries Iraqi crude and is managed by a subsidiary of Petronas, successfully transited the Strait last week. Cospearl Lake is expected to deliver its cargo of Iraqi oil to Zhoushan port in eastern China by May 1. The final destination for the crude oil transported by the He Rong Hai remains unclear.

Both Cospearl Lake and He Rong Hai are chartered by Unipec, the trading division of Sinopec, a major Chinese energy corporation. Requests for comments from both Sinopec and Malaysian authorities were not answered outside standard business hours.

Despite these departures, numerous tankers remain stranded in the Gulf, awaiting clearance during the current two-week ceasefire. On Sunday, three additional empty tankers—Mombasa B, Agios Fanourios I, and Shalamar—were reported to be entering the Strait, with plans to load oil. The Malta-flagged Agios Fanourios I is specifically heading towards Iraq to obtain Basrah crude for delivery to Vietnam, as per the shipping data.

Management teams for the aforementioned tankers did not provide immediate comments when approached for information outside of office hours.

The ongoing conflict in the region continues to affect global energy dynamics, with eyes now on how the fragile ceasefire might influence further maritime activities in the coming weeks.