Hormuz reopening lifts vessel transits - Kpler

Maritime activity in the Strait of Hormuz is showing some signs of recovery following a 60-day US-Iran peace accord, according to cargo tracking platform Kpler.

IMAGE: Cargo vessels congestion blocking maritime traffic in the Strait of Hormuz. Getty Images

Since the signing of the interim peace agreement last week, dry bulk carrier transits have increased to more than 10 per day in the week ending June 24, Kpler reported.

This marks a significant shift from the one or two ships per week seen during the height of recent disruptions. However, Kpler noted that the relief “may prove temporary,” with uncertainty over the two-month negotiation window, possible transit tolls and the durability of the peace deal.

Crude oil supply from Middle East producers have topped 115 million bbls, or 5 million b/d, so far in June, supported by the peace accord, Kpler said. However, this marks only a “partial relief” rather than a full resolution, as mine clearance and opaque vessel behaviour continue to impact the waterway.

About 23 LNG carriers have crossed the strait in the first 23 days of this month, Kpler said – up from only five vessels in April. While this remains well below the pre-conflict volume of 188 transits, the increase is primarily driven by ballast LNG tankers heading to Qatar, pointing at growing operator confidence.

Qatar anticipates LNG output to return to normal levels “within weeks as traffic through the Strait of Hormuz improves,” Kpler reported citing the Financial Times.

Despite the easing of immediate pressure on global markets, shipping and oil industries remain cautious of the long-term durability of the ceasefire, prioritising supply chain resilience as geopolitical and navigational uncertainties persist, the cargo tracking platform added.

By Aparupa Mazumder

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