- Two major state-owned shipping companies have completely halted their oil tanker voyages through the Strait of Hormuz and the Bab el-Mandeb Strait due to escalating security concerns in the region.
- COSCO Shipping and China Merchants Shipping have kept their fleets away from these vital waterways since early August, according to Reuters, citing shipping executives and tanker tracking data.
- The two companies together own more than 100 supertankers, each capable of hauling 2 million barrels.
- The decision to avoid the two maritime chokepoints was reportedly made following communications with Chinese central authorities.
- Before the conflict, these companies transported approximately half of China’s total crude oil imports from the Middle East.
- State-controlled COSCO Shipping Energy Transportation and China Merchants Energy Shipping have stopped sending their ships through West Asian maritime chokepoints in favor of loading their oil outside the Persian Gulf.
- The two shipping giants have been avoiding the Strait of Hormuz and Bab al-Mandeb since late July as the US war on Iran disrupts shipping to the world's number one oil importer.
Two major Chinese shipping companies, COSCO Shipping and China Merchants Shipping, have ceased tanker operations through the Strait of Hormuz and Bab el-Mandeb due to escalating security concerns.2
The decision, made after consultations with Chinese authorities, affects their fleet of over 100 supertankers, each capable of carrying 2 million barrels.
Before the conflict, these companies transported nearly half of China's crude oil imports from the Middle East.
Since late July, they have diverted their vessels to load oil outside the Persian Gulf, opting for lower-risk ship-to-ship transfers off Omani ports and Fujairah in the UAE.7
Shipping sources indicate that the companies have been avoiding these maritime chokepoints since the onset of the US-Israeli war on Iran in February.
The shift in operations has led to a significant increase in ship-to-ship transfers, with Kpler reporting over 600,000 barrels per day in June and July, a stark contrast to the near-zero transfers in the preceding months.
Traders note that neither company handles Iranian oil due to US sanctions.
“COSCO Shipping and China Merchants Shipping have avoided the Strait of Hormuz and Bab el-Mandeb since late July, impacting half of China's crude oil imports from the Middle East. The companies are now diverting their fleets to ship-to-ship transfers outside the Gulf, with over 600,000 barrels per day recorded in June and July.”
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