The cost of chartering giant oil tankers traversing the world's most vital trade routes has surged to unprecedented levels, exceeding one million dollars per day for the first time ever. This escalation comes amidst a notable decline in the number
of vessels willing to risk passage through the Strait of Hormuz, an area experiencing heightened tensions. In this regard, oil and gas expert Mohammed Al-Anani stated that the jump in tanker charter costs to one million dollars per day represents a
record figure, reflecting the scarcity of ships willing to enter the Gulf region. According to data released by the Baltic Exchange in London, the cost to charter a tanker for oil transport from within the Gulf to China reached approximately 1.03
million dollars daily. However, this route has become less utilized during the conflict, as Gulf exports have increasingly shifted to a strategy of first transporting oil through the Strait of Hormuz, then reloading it onto tankers waiting outside to avoid
entering the high-risk waterway. Even the route for crude oil transport from the Gulf of Oman to China, which does not require crossing the Strait of Hormuz, has seen its costs rise to about 644,000 dollars per day. This marks an
exceptional leap compared to previous periods of a weak shipping market, when revenues barely covered operational costs. Furthermore, recent shipping data revealed an additional decline in navigation traffic in the Strait of Hormuz earlier this week, following an escalation of attacks
in the Middle East region. Preliminary data from Kepler, released on Tuesday, showed that the number of vessels crossing the Strait reached four on Monday, a significant drop from ten recorded the previous day, according to circulated information. Of these vessels,
two bulk dry cargo ships departed the waterway (one loaded and the other empty), while two oil tankers entered the Strait, both sailing without cargo. It is worth noting that these figures do not include some vessels that may have
crossed the Strait with their Automatic Identification Systems (AIS) switched off to avoid detection. In a related context, an Iranian news agency quoted the Iranian Guard as stating that an oil tanker suffered an explosion and caught fire after hitting mines
in the Strait of Hormuz, without specifying the date of the incident. Arab Gulf states also postponed scheduled talks with Iran to discuss potential agreements regarding the Strait of Hormuz, which represents a setback for diplomatic efforts aimed at containing
the conflict and its repercussions on global oil supplies. In the Bab al-Mandeb Strait, Kepler data indicated that 21 cargo vessels crossed yesterday, a decrease from 28 the previous day. Before the conflict began on February 28, the Strait of Hormuz typically
saw about 125 large commercial vessels crossing daily, including oil and gas tankers, bulk cargo ships, and container ships. This traffic represents approximately 20% of the daily global supplies of crude oil and liquefied natural gas. For his part, US Energy
Secretary Chris Wright stated that more than 12 million barrels of oil crossed the Strait of Hormuz yesterday, expressing his expectation of continued increased flows through the Strait over the coming week.
