Hormuz Strait March Transit Volume Plummets Over 90%

Since the outbreak of the conflict between the U.S. and Iran, global energy transportation through the Strait of Hormuz has been severely disrupted. Market service agencies report that since March, the number of merchant ships passing through this strait has decreased by 95% compared to before the conflict.

On the 23rd, AFP cited data from market service firm Kpler, stating that from March 1 to 16:00 GMT on March 23, merchant ships passing through the Strait of Hormuz totaled only 144, a 95% decrease from February 28, the day before the conflict erupted. Of these, 91 voyages involved transporting oil and natural gas, most heading east out of the strait. Data from the multinational “Joint Maritime Information Center,” led by the U.S. Navy, shows that before the conflict, about 138 ships passed through the strait daily.

AFP reported that ships passing through the Strait of Hormuz on the 23rd appeared to use a northern route. This route is said to be located north of Larak Island in Iran and is approved by the Iranian government.

The UK Lloyd’s List reported on the 23rd that “shipping through the Strait of Hormuz continues to be severely disrupted,” with over 20 ships tracked using this route that day. The newspaper previously described this route as similar to the “safe corridor” designated by the Iranian Islamic Revolutionary Guard Corps, which visually confirms ships passing through the strait near Larak Island.

Data from the maritime traffic website MarineTraffic shows that, under supply constraints, about 11 liquefied natural gas (LNG) carriers originally headed to Europe have rerouted to Asia since March 3, where spot prices are higher and destinations are closer.

JPMorgan analysts stated that among the observable oil shipments passing through the Strait of Hormuz, Iranian oil accounts for as much as 98%, with an average daily transport volume of 1.3 million barrels in early March.

The Strait of Hormuz is a vital maritime route for global oil transportation. As the only passage from the Persian Gulf to the outside world, over a quarter of global seaborne oil trade and about one-fifth of global liquefied natural gas shipments pass through this strait to destinations worldwide. The U.S. Energy Information Administration estimates that in 2024, approximately 20 million barrels of oil products will be transported daily through the strait.

(Source: Xinhua News Agency)