Hormuz Strait March Transit Volume Plummets Over 90%

Xinhua News Agency, Beijing, March 24 — Since the outbreak of the conflict between the U.S., Israel, and Iran, global energy transportation through the Strait of Hormuz has been severely disrupted. Market service data shows that since March, the number of merchant ships passing through this strait has decreased by 95% compared to before the conflict.

On March 23, AFP cited data from market service firm Kpler, reporting 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 ships were transporting oil and natural gas, most heading east out of the strait. According to the Joint Maritime Information Center, led by the U.S. Navy, before the conflict, about 138 ships passed through the strait daily.

On April 30, 2019, Iranian soldiers patrolled the Strait of Hormuz. Xinhua News Agency photo (Ahmed Harabi Sasis)

AFP reported that ships passing through the Strait of Hormuz on the 23rd seem to have used a northern route. This route is reportedly located north of Larak Island in Iran and is approved by the Iranian government.

The Lloyd’s List, a UK shipping publication, 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 publication previously stated that this route is 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, a global freight information platform, shows that since March 3, in a context of supply restrictions, about 11 liquefied natural gas (LNG) carriers originally headed for Europe have rerouted to Asia, which is closer and has higher spot prices.

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 transportation 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 this strait. (Liu Xi)

(Editors: Wang Zhiqiang HF013)

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