Strait of Hormuz shipping volume plummets over 90% in March

Xinhua News Agency, Beijing, March 24 - Since the outbreak of the conflict between the U.S. and Iran, global energy transport through the Strait of Hormuz has been severely obstructed. Data from market service agencies shows that since March, the number of commercial vessels passing through this strait has decreased by 95% compared to before the conflict.

On March 23, AFP cited data from market service provider Kpler, reporting that from March 1 to 16:00 GMT on March 23, the number of commercial vessels passing through the Strait of Hormuz was only 144, a reduction of 95% compared to before the conflict erupted on February 28. Among these, 91 voyages were made by vessels transporting oil and natural gas, most of which sailed eastward from the strait. Data from the multinational organization “Combined Maritime Forces,” led by the U.S. Navy, indicated that approximately 138 vessels passed through the strait daily before the conflict.

On April 30, 2019, Iranian soldiers patrolled the Strait of Hormuz. Xinhua News Agency photo (Ahmad Halabisesh)

AFP reported that on the 23rd, vessels passing through the Strait of Hormuz appeared to be using a northern route. This route is said to be located north of Iran’s Larak Island and has been approved by the Iranian government.

The UK’s Lloyd’s List reported on the 23rd that “shipping in the Strait of Hormuz continues to be severely disrupted,” noting that more than 20 vessels were tracked using this route on that day. The publication previously stated that this route resembles the “safe corridor” designated by the Islamic Revolutionary Guard Corps, which visually confirms the vessels passing through the strait using Larak Island.

Data from the maritime traffic website of the international freight information platform shows that under limited supply conditions, since March 3, about 11 liquefied natural gas carriers originally headed for Europe have rerouted to Asia, where prices are closer and spot prices are higher.

Analysts at JPMorgan stated that among observable oil transport through the Strait of Hormuz, Iranian oil accounts for as much as 98%, with a transport volume of an average of 1.3 million barrels per day at the beginning of March.

The Strait of Hormuz is a crucial maritime route for global oil transport. As the only passage from the Persian Gulf to the outside, over a quarter of the world’s maritime oil trade and about one-fifth of global liquefied natural gas transport pass through this strait to various parts of the world. The U.S. Energy Information Administration estimates that the quantity of oil transported through the strait will average about 20 million barrels per day in 2024. (Liu Xi)

(Edited by Wang Zhiqiang HF013)

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