Transit Volume in the Strait of Hormuz Drops to 22 Vessels, Transportation Costs Rise

On July 11, the transit volume in the Strait of Hormuz has significantly decreased since the resurgence of hostilities between the U.S. and Iran. According to Kpler data, the transit volume dropped from 30 vessels the previous day to 22 vessels on Thursday. Following Iran's targeting of vessels in the strait on Tuesday, hostilities between the two sides reignited, with only two LNG carriers entering the strait and one exiting. After the U.S. and Iran signed an agreement on June 17, the transit volume initially increased, reaching a peak a few days later, but the ceasefire was subsequently broken. Shipping brokerage firm Braemar LNG reported that shipowners are adopting a cautious stance and have withdrawn available capacity from the region until the geopolitical situation becomes clearer, leading to a reduction in the number of available vessels and an increase in transportation costs.

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