Hormuz half-open: tanker fleet prices in recovery hope

Hormuz half-open: tanker fleet prices in recovery hope uses signals from shipping data to describe early signs that the Strait of Hormuz may be moving toward reopening, even though navigation remains only partially possible and politically contested. Reuters, from Littleton, Colorado, June 30, says tanker movements suggest owners and charterers are positioning vessels ahead of renewed Gulf exports, but that the gap between expectation and actual cargo demand is still large. Before the disruption triggered by conflict that began on February 28, about 90 to 110 vessels transited the strait daily; flows fell by more than 90% at the peak. Traffic has started to recover in some days, though levels remain below normal and can reverse quickly. The clearest forward-looking indicator is ballast movements: ship tracking shows increasing numbers of empty tankers returning, including LNG carriers tied to Qatar resuming voyages into Hormuz for the first time since the conflict began. However, export cargo throughput remains around half of pre-conflict crude levels, supported by a large regional shipping backlog, while VLCC earnings have fallen, with Middle East-to-China rates around $287,000 versus above $500,000 shortly before a peace accord.