Hormuz shipping traffic remains below 10-day average at weekend

Preliminary shiptracking data on Monday revealed that vessel transits through the Strait of Hormuz fell to a single digit per day at the weekend, significantly below the 10-day average of 14. Four vessels left the Gulf via the strait, including a Handysize cargo ship in ballast, an LPG-carrying Handy vessel, a fertilizer-carrying Supramax, and a crude or condensate-laden Suezmax.

Conversely, ten vessels entered the Gulf, comprising a minor bulk cargo mini-bulker, a grain-carrying Handymax, a metals-carrying Panamax, and a dry bulk cargo Supramax. The data, however, does not include vessels with Automatic Identification System transponders turned off to evade detection.

Unfortunately, a vessel was hit by an unidentified projectile while navigating the Strait of Hormuz. The UK Maritime Trade Operations reported that the crew's status, damage assessment, and environmental impact remain unknown. Additionally, the crucial East-West oil pipeline in Saudi Arabia experienced a temporary shutdown due to a drone attack originating from Iraq, according to Saudi officials.

Prior to the Iran war commencing on February 28, the strait typically accommodated around 125 large commercial vessels daily, with approximately 20% of the world's daily crude oil and liquefied natural gas supply passing through. Since the reimposition of the US blockade on Iranian shipping in mid-July, Iranian crude oil exports have been halted. In contrast, the Bab el-Mandeb strait saw 24 and 27 commodity vessels transiting on Saturday and Sunday, respectively, compared to the 10-day average of roughly 27 ships.