A Major Blow to the Shipping Industry, Ships Passing Through 'Hormuz' Come to a Halt
Due to ongoing conflict in the Middle East, shipping traffic through the critical Strait of Hormuz has drastically declined, affecting global oil and gas supply routes.
The Strait of Hormuz, one of the world's most important maritime passages, has been severely impacted by the ongoing conflict in the Middle East. Iran has imposed restrictions on this passage, resulting in a significant decrease in the number of ships able to transit through it. According to maritime intelligence from Lloyd's List, typically, around 120 vessels pass through this channel daily; however, since the onset of the conflict, this number has plummeted.
From March 1 to March 18, only 105 ships have passed through the Strait, marking a staggering drop of more than 95% compared to normal traffic. Among these vessels, 60 were oil and gas tankers, crucial for the global energy supply. Notably, about 60% of these tankers were fully loaded, indicating ongoing demand despite the challenging conditions. The data highlights the critical disruption in maritime commerce due to geopolitical tensions in the region.
Moreover, concerning statistics indicate that three-quarters of the ships transiting during this period were heading out of the Gulf. Reports from AFP suggest that approximately one-third of these vessels were listed under US, EU, or UK sanctions, further complicating the shipping landscape. The current situation poses significant implications not only for the shipping industry but also for global energy supplies, prompting concerns over the reliability of oil and gas deliveries from the Gulf region to the rest of the world.