More stranded oil tankers exit Hormuz, adding to global supply

SINGAPORE – Three stranded tankers carrying five million barrels of crude oil were exiting the Strait of Hormuz on June 24, with two heading to Asia, shipping data showed, as the interim deal between Iran and the US unlocks more supply stuck in the Gulf, bringing down global prices.

The South Korean-flagged Breeze, a very large crude carrier (VLCC) carrying two million barrels of Qatari condensate and Abu Dhabi crude, passed the strait and was heading to Daesan, data from LSEG and Kpler showed. The supertanker is chartered by South Korean refiner Hyundai Oilbank.

The VLCC Plata Carrier, chartered by Indian Oil Corp, was heading out of the strait with two million barrels of Saudi crude, alongside Suezmax tanker Prudent Warrior, which was heading for Sohar, Oman, with one million barrels of Iraqi Basrah crude, the data showed. Both were sailing under the Liberian flag.

Hyundai Oilbank and IOC could not be immediately reached for comment. Kpler and Vortexa analysts estimated last week that close to 90 million barrels of crude were stuck inside the Gulf.

South Korea’s Maritime Ministry said on June 24 that four vessels operated by South Korean shippers had exited the strait and were sailing to their destinations, one to South Korea and the others to third countries.

Eighteen of the 26 vessels that had been stranded since the start of the Middle East conflict remain in the Gulf, the ministry said.

It was not immediately clear whether the ships were sailing along the temporary maritime corridors established by Oman and the International Maritime Organization to help ships leave the area safely.

Oman said it would keep the Strait of Hormuz open to shipping without imposing any tolls, having designated two temporary routes north and south of the existing shipping lane to facilitate the safe passage of vessels departing the region.

Two empty liquefied natural gas tankers – Shandong Redwood and Milaha Qatar – were the latest to be seen west of the strait to load cargoes from Qatar, shipping data showed. This brings the known empty LNG ships transiting through the strait to load at Qatar to nine, the largest number since the war began.

Qatar’s Prime Minister Mohammed bin Abdulrahman al-Thani said the Gulf state would resume normal LNG production within a few weeks, the Financial Times reported on June 24. REUTERS