Oil Tanker Carrying 1 Million Barrels Of Iraqi Crude Transits Strait Of Hormuz After Iran Grants Rare Exemption
An oil tanker carrying Iraqi crude has passed through the Strait of Hormuz, according to vessel-tracking data from LSEG and Kpler, a day after Iran said Iraq would be exempt from its transit restrictions.
The tanker, Ocean Thunder, sailed close to the Iranian coast while crossing the strait. It had loaded about 1 million barrels of Basrah Heavy crude on 2 March and is expected to discharge the cargo in Pengerang, Malaysia, by mid-April.
Iran’s Transit Restrictions Tighten Control Over Strait Of Hormuz
Iran had earlier tightened control over the Strait of Hormuz after US and Israeli airstrikes on its territory in late February increased tensions in the region. The waterway, which carries about a fifth of global oil and liquefied natural gas, saw a sharp drop in ship movements following the escalation.
Iraq Exemption Allows Vessels to Pass Through Strait
Tehran later said it would allow vessels without US or Israeli links to pass. It then confirmed that Iraq would be exempt from the restrictions. Following this, Ocean Thunder exited the Persian Gulf through a northerly route inside Iranian waters on Sunday morning, according to vessel-tracking data compiled by Bloomberg.
Ship Traffic in Strait Increases Slightly
Ship traffic in the strait has started to increase slightly in recent days. Data shows 16 vessels crossed the route since Saturday morning, with 11 leaving the Gulf and five entering. Even so, the numbers remain far below normal levels seen before the conflict.
Recent Crossings Indicate Slow Return of Activity
Recent crossings have included three Omani-operated tankers, a French-owned container ship, and a Japanese gas carrier, indicating a slow return of activity. It is still unclear whether the exemption for Iraq will apply to all ships loading from Iraqi ports or how it will be implemented.
Implementation Unclear, but Could Allow 3 Million Barrels Per Day of Iraqi Oil Exports
If applied broadly, it could allow around 3 million barrels per day of Iraqi oil exports to move through the strait, provided shipowners are willing to send vessels into the region. Over the weekend, outbound traffic included five bulk carriers and three oil product tankers on Saturday, followed by two oil tankers and a liquefied petroleum gas carrier on Sunday.
Tracking Ship Movements Remains Difficult
Tracking ship movements in the area remains difficult. Electronic interference has affected vessel signals, and some ships have switched off their AIS transponders due to security risks, which can delay or reduce the accuracy of available data.
Original Article: Iraq-Linked Tanker Carrying 1 Million Barrels Of Oil Transits Strait Of Hormuz After Iran Grants Rare Exemption — Marineinsight