▲ Strait of Hormuz
So-called shuttle tankers, which take high risks to transport crude oil through the Strait of Hormuz, are now in danger due to attacks by Iran, the Wall Street Journal (WSJ) reported on July 14 (local time).
In the early hours of July 14, Iran attacked three supertankers passing through the Strait of Hormuz.
The WSJ explained that two of these vessels belonged to a shuttle fleet, shattering the perception that this route was relatively safe.
Since Iran began blockading the Strait of Hormuz in March, only a very small number of shipowners have been willing to take the risk of sending tankers through the strait until recently.
Because of this, shuttle operations have played a crucial role.
They were responsible for loading crude oil from Gulf oil-producing countries, boldly passing through the Strait of Hormuz, and unloading at the ports of Fujairah in the United Arab Emirates (UAE) and Sohar in Oman, located outside the strait.
Tankers from around the world were able to transship crude oil at these ports without having to navigate the Strait of Hormuz themselves.
According to S&P Global Commodity Insights, an average of approximately 3.5 million barrels of crude oil per day have exited the Strait of Hormuz through these shuttle operations and transshipments to date.
This accounts for about one-third of the daily crude oil transport volume passing through the strait.
Shuttle tankers were able to maximize transport volume by minimizing turnaround times and operating round trips.
Many of these vessels navigated the Strait of Hormuz under the escort of the U.S. Navy, which even deployed fighter jets.
This method of crude oil transport, which began on a small scale in April, has expanded into a more sophisticated operation and has served to mitigate the worst shocks to the energy market, but it is expected to shrink significantly following this Iranian attack.
The tanker Mombasa B, which was struck on July 14, resulting in the death of one Indian crew member, had been operating shuttle services four times under a contract with the UAE state-owned oil company ADNOC.
The WSJ reported that the vessel belongs to a fleet controlled by South Korea's Sinokor Merchant Marine.
Late last year, Sinokor Merchant Marine raised funds from a co-founder of the global shipping company MSC to purchase dozens of oil tankers.
Since the outbreak of the war, the company has deployed its tankers to the Persian Gulf and has been working closely with ADNOC.
Citing sources familiar with the matter, the WSJ reported that executives at Sinokor Merchant Marine and MSC are concerned that Iran's Islamic Revolutionary Guard Corps will continue to attack their vessels to paralyze shuttle operations.
In fact, it is reported that at least two captains have refused to pass through the strait in the last few days.
Shipping industry officials told the media outlet that crew members, including captains, are terrified following the death of the seafarer, and a perception is beginning to emerge that even U.S. military escorts are no longer safe.
In particular, the risk of operation has increased further given that Iran used cruise missiles in this tanker attack, which are faster than drones, leaving little time to react, and possess greater destructive power.
Furthermore, as one of these tankers, the Stolt Magnesium, was attacked off the coast of Oman, about 500 km away from the Strait of Hormuz, there is growing concern that the scope of Iran's attacks is expanding far beyond the vicinity of the strait.
(Photo: Yonhap News)
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