The Thursday count included one very large crude carrier, a selection of Panamax and Supramax vessels, and a ballast very large gas carrier. This reluctance to enter the waterway reflects mounting fears over recent tanker strikes, ongoing threats from Iran-aligned Houthi forces in the Red Sea, and the temporary shutdown of Saudi Arabia’s East-West pipeline. The resulting vessel shortage has sent shipping costs to unprecedented heights, with rates for a voyage from the Persian Gulf to China reaching a record $1.27 million earlier this week.

Lloyd’s List analyst Greg Miller described current spot rates as astronomical, noting they reached levels previously considered unimaginable. Compounding the supply squeeze, Saudi Arabia has intensified its export efforts through the Strait of Hormuz and the Gulf of Oman. This surge in volume has pushed regional ship-to-ship transfer capacity to its absolute limit, particularly as flows increase from both the western port of Yanbu and various eastern terminals. With risk premiums climbing, the infrastructure designed to facilitate global energy transit is currently buckling under the weight of sustained geopolitical pressure.