Clarksons said VLCC crossings through the Strait of Hormuz remain very limited, with six transits reported over the past week down 95 per cent versus “typical” levels.
The flow of energy out of the Persian Gulf has been very constrained in recent days, with approximately one million barrels per day (bpd) of crude leaving the gulf in the past week, down from 10 million bpd in early July and 15 million bpd pre-conflict while no LNG carriers/very large gas carriers (VLGCs) appear to have transited the strait in over 10 days.
Clarksons added that “energy” shipping markets remain very elevated, with VLCC earnings firming 13 per cent last week to US$145,000/day while supportive arbitrage dynamics saw VLGC spot earnings rise 24 per cent week-on-week to US$172,000/day (now just around 10 per cent below May’s record high).