Two oil tankers in the Indian Ocean, the Suezmax Kapodistrias 21 and the very large crude carrier Coslucky Lake, abruptly changed course this week, rerouting to Fujairah in the United Arab Emirates from their original African destinations of Gabon and South Africa, respectively. This rapid repositioning reflects shipowners' scramble to prepare for the potential reopening of the Strait of Hormuz, a critical chokepoint responsible for a fifth of global oil and liquefied natural gas supplies.
The diversions occurred just hours after an interim peace agreement was reached between the US and Iran, which included a commitment to end blockades and reopen the strait. The deal is expected to be signed on Friday. While many shipowners remain cautious, those with higher risk appetites are actively moving vessels to benefit from potentially higher freight rates and improved utilization as the waterway becomes accessible again. The number of empty supertankers waiting in the Gulf of Oman, just outside the Strait of Hormuz, has risen to about 60 this week, up from approximately three dozen earlier in the month, indicating a readiness for increased activity.
Simultaneously, Iran-linked and Qatari vessels are also making moves. Several Iranian tankers switched on their transponders and began sailing out of the Strait of Hormuz or Gulf of Oman on Tuesday, signaling Iran's preparation to resume oil sales. Qatar is also bringing some of its liquefied natural gas tankers back to the Middle East to ramp up exports once the strait fully reopens. The swift re-routing and increased vessel activity underscore the market's sensitivity to geopolitical developments and the economic implications of the Strait of Hormuz's status.
