Shipping activity through the Strait of Hormuz increased slightly on Wednesday, although vessel movements remained below recent average levels as geopolitical tensions between the United States and Iran continued.
Data from Kpler showed that 10 visible commodity vessels travelled through the waterway on Wednesday, compared with eight a day earlier. However, the figure remained well below the 10-day moving average of around 15 vessels, indicating that shipping activity was still relatively subdued.
Among the vessels entering the strait from the Gulf of Oman were two medium-range fuel tankers, a liquefied petroleum gas carrier, one Panamax-sized tanker and three Handymax-sized tankers.
Three other vessels travelled in the opposite direction towards the Gulf. They comprised a medium-range fuel tanker, a bitumen tanker and a bulk carrier.
Market attention is also focused on discussions between Iran and Oman over arrangements for the Strait of Hormuz. A senior Iranian source said on Wednesday that both sides were still working out the details of a proposed agreement after Iran’s Revolutionary Guards claimed the countries had reached an understanding on sharing the waterway and its revenue.
The Strait of Hormuz is a crucial global energy route, making any disruption to shipping through the waterway a major concern for oil and fuel markets. The latest figures suggest vessels are still moving through the passage, although traffic remains below normal levels.
Meanwhile, activity at another important maritime route, the Bab el-Mandeb Strait, declined for a second consecutive day.
Kpler recorded 19 commodity vessels passing through Bab el-Mandeb on Wednesday, down from 24 on Tuesday. Six tankers were among the vessels recorded exiting the waterway, including a very large crude carrier.
The figures may not provide a complete picture of actual shipping activity, however, as some vessels could be travelling through the strategic waterways with their transponders switched off. Such ships would not be captured in the visible vessel counts.
With tensions continuing to influence maritime traffic, shipping and energy markets are closely watching developments around both key waterways.
