Strait of Hormuz Traffic Volumes Continue to Decline Amid Diplomatic Tensions
Tehran’s targeting of Hormuz users and Washington’s blockade of Iranian ports continue to suppress traffic volumes, although a small core group of operators remains active. Preliminary data show 73 transits between 10 and 16 August, down from 91 the previous week.
Non-Iranian traffic continues to flow in both directions, with at least 22 vessels entering the Gulf and 21 departing from 10 to 16 August. Crude tankers accounted for most movements. These figures are expected to rise as additional dark transits are identified.
High-Risk Operators Exploit Shortage of Owners Willing to Transit Hormuz
A bifurcated tanker market is emerging west of Hormuz. Access to transportation capacity has become a strategic asset, prompting national oil companies to secure greater control over tonnage and pay a premium for that flexibility. At least four very large gas carriers with a history of carrying Iranian LPG have loaded cargoes in the UAE and Qatar in recent weeks.
National Oil Companies Prioritize Control of Tonnage
Abu Dhabi National Oil Co provides the clearest example of how national oil companies are prioritising control of tonnage. Rather than relying on third-party owners to transit Hormuz, Adnoc is increasingly securing its own shipping capacity. The company is among those moving cargoes from Gulf terminals to ship-to-ship transfer locations beyond the strait, where they can be loaded onto long-haul vessels bound for Asia.
Maritime Security Conditions Continue to Deteriorate
Maritime security conditions continue to deteriorate. One seafarer was killed after a bulker was struck this week. No group has claimed responsibility. Iran‘s semi-official Fars news agency also reported the seizure of an Emirati-affiliated tanker near Qeshm Island, although the report remains unconfirmed.
Despite the ongoing tensions and security concerns, spot tanker rates continue to surge across both VLCC and suezmax markets. The strongest gains are on trades exposed to Hormuz and disrupted crude flows.
Original Article: Strait of Hormuz Brief: 19 August, 2026 — Lloydslistintelligence