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Three supertankers carrying crude oil to Asia attempted to pass through the Strait of Hormuz on Wednesday, two days after Iran announced a new authority to oversee shipping through the waterway.
Two ships were carrying Iraqi crude to China while a third was transporting Kuwaiti oil to South Korea, according to shipping data. All three were broadcasting their location and destination publicly.
Collectively, the three ships were carrying 6mn barrels of oil, potentially the largest volume to exit the Gulf in a single day since the US and Israel started the conflict with Iran at the end of February.
The ships steered through the northern side of the strait, following a route designated by Iran. “It is most likely that there was a deal done,” with Tehran, said Matthew Wright, lead shipping analyst at data company Kpler.
On Monday, Tehran announced the creation of the Gulf Strait Authority (PGSA), describing it as the “legal entity and representative authority for managing the passage and transit through the Strait of Hormuz”.
Wright said the new body was “a formalisation” of previous requests from Iran for vessels to seek permission and pay fees for passage.
Iran brought the strait to a standstill in the early days of the war by threatening to fire on any vessels, while the US imposed its own naval blockade in mid-April to prevent ships entering or leaving Iranian ports.
Meanwhile, the shipping industry issued new guidance on how to safely transit the strait on Wednesday. In a 22-page document for shipowners and crews, a group of industry bodies outlined when to consider a crossing, when not to and how to proceed.
It warned that all routes through Hormuz carried elevated risk, that ships should take into account reports of mined areas and that there had been incidents on both the northern and southern routes.
Shipping traffic through Hormuz has been sharply curtailed since the conflict began, although crossings have not stopped altogether. Only a small number of vessels have continued to pass through the strait each day.
According to Kpler, six other supertankers have transited Hormuz this month bound for Asia, and a total of almost 17mn barrels of crude has passed through the strait. Gulf exporters shipped almost 28mn barrels through Hormuz during April.
Wright cautioned against interpreting Wednesday’s movements as evidence of a broader reopening of Gulf oil flows.
“What we have seen is a handful of negotiated transits. Fundamentally, nothing has changed,” he said. “The real test will be whether we see more Chinese or Korean-bound vessels going forward.”
