Ship traffic through the Strait of Hormuz was well below 10% of normal volume this Thursday, despite the ceasefire between the United States and Iran, as Tehran reasserted its control, warning ships to stay in its territorial waters.
Hundreds of oil tankers and other ships have been stuck in the Persian Gulf since war with Iran began on February 28, reducing global oil supplies by 20% in the biggest supply disruption in history.
Prices for some types of oil reached new all-time highs this Thursday, as the crisis showed few signs of easing.
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Just seven ships passed through the strait in the past 24 hours, compared with the usual 140 or so, according to tracking data.
Among the affected ships were an oil tanker and six bulk carriers, according to data from Kpler, Lloyd’s List Intelligence and Signal Ocean.
A chemical tanker was about to cross the border into India, ship tracking data on the MarineTraffic and Pole Star Global platforms indicated.
“Most shipping companies will likely remain cautious, and two weeks will not be enough to clear the backlog even if there is a significant increase in traffic,” said Torbjorn Soltvedt of risk intelligence firm Verisk Maplecroft.
Iran’s Islamic Revolutionary Guard Corps has directed vessels to sail through Iranian waters around Larak Island to avoid the risk of naval mines on the usual routes through the strait, Iran’s semi-official Tasnim news agency reported on Thursday.
The vessels are expected to enter the strait north of Larak Island and exit just to the south, until further notice, in coordination with the Revolutionary Guard navy, Tasnim reported.
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British maritime security firm Ambrey said in a statement that risks persist for ships not authorized by Iran, especially those affiliated with Israel and the US.
‘Even shipments with apparent approval have been returned mid-transport in recent weeks,’ he said.
TOLLS AND CRYPTOCURRENCIES
Media reports suggest that Iran may want to charge a toll on ships passing through the region, with some estimating the amount at US$2 million. Ship tracking data shows that some vessels are already using the unusual route around Larak Island.
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Western leaders, however, rejected the idea of paying such fees.
Recently, an Indian-flagged Pine Gas LPG tanker took an unusual route around Larak Island to exit the Gulf.
The company did not pay Iran any transit fees and the vessel was not boarded by the Islamic Revolutionary Guard Corps, its executive director, Sohan Lal, told Reuters.
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The UN shipping agency, the International Maritime Organization, said there is no agreement that would allow the implementation of fees for crossing international straits.
“Any such charge will set a dangerous precedent,” a spokesperson for the organization said on Thursday.
Iran will demand the payment of tolls in cryptocurrencies to maintain control over the Strait of Hormuz during the two-week ceasefire, according to statements by Hamid Hosseini, spokesman for the Union of Oil, Gas and Petrochemical Exporters of Iran, published on Wednesday by the Financial Times newspaper.
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Mitsui OSK Lines, one of Japan’s three largest shipping companies, managed to move three tankers out of the strait in recent days.
The company is awaiting guidance from the Japanese government on how to proceed during the two-week ceasefire, its president and CEO, Jotaro Tamura, told Reuters on Thursday.
India has granted exemptions to allow two Iranian cargoes to enter its ports, one aboard an older oil tanker and the other subject to sanctions, two officials familiar with the matter said on Thursday.
Among the ships, there was one loaded with LPG, used for cooking. India is facing its worst gas crisis in decades and has implemented rationing to guarantee supplies to homes.
The United States issued a surprise exemption to Iranian oil exports last month, which is set to end on April 19, in a bid to support global supplies and ease rising fuel prices.
Since Feb. 28, at least 23 Iranian-flagged oil tankers have arrived in Asia, keeping pace with pre-war levels, according to the U.S. rights group United Against Nuclear Iran, which monitors Iran-related traffic.
