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Hormuz transits remain 95pc down: Clarksons
Hormuz transits remain 95pc down: Clarksons
London, 24 March (Argus) — Vessel transits through the strait of Hormuz remain 95pc down compared with before the start of the US-Iran war on 28 February, shipbroker Clarksons said today. Transits through the strategic waterway have been running at just four each day over the week to 23 March, compared with around 125 each day before the conflict, Clarksons' research arm said today. Just 10 oil tankers carrying 12mn bl in total have exited the Mideast Gulf via the strait during the past week, compared with 250 vessels carrying around 300mn bl normally. The vessels on the move include a "trickle" of very large LPG carriers, with two recorded on 22 March and another two — both "Indian-linked" — passing through the strait on 23 March, a flow which is 80pc below normal levels before Iran threatened to attack any vessel using the waterway. Around 1,100 vessels are currently inside the Mideast Gulf, Clarksons said, excluding local trading vessels. That total includes around 300 oil tankers, with 6pc of global crude tanker and 4pc of all product tanker tonnage, 4pc of very large gas carriers and 1pc of containerships and bulker tonnage. Some 20pc of global oil supply passed through the strait of Hormuz before the US-Iran war started, including 37pc of seaborne crude oil and 19pc of seaborne products trade. And 19pc of global LNG trade also passed through the strait, Clarksons said, alongside 28pc of global LPG volumes, 13pc of seaborne petrochemicals, 4pc of dry bulk and 3pc of container trade volumes. Clarksons said that crude exports from the Saudi Arabian port of Yanbu on the Red Sea are running at around 4mn b/d now, up from 1mn b/d before the war, with around 40 very large crude carriers (VLCC) either waiting there or on route. By Gavin Attridge Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-EU clean freight crests $100/t for first time
US-EU clean freight crests $100/t for first time
New York, 23 March (Argus) — Refined oil product shipments carried on medium range (MR) tankers for US Gulf coast-Europe voyages breached $100/t for the first time in nearly 20 years of Argus assessments today on the ongoing supply disruptions in Mideast Gulf exports. Commodity trader BB Energy put the MR tanker Nord Master on subjects for a US Gulf coast-Europe voyage today at Worldscale (WS) 545, or $108.08/t. The rate represents the highest heard for the voyage since Argus began assessing it in 2007, and is 43pc higher than the previous, pre-Iran war high of $75.59/t in April 2022. This means the de facto strait of Hormuz closure by Iran in the wake of US and Israeli strikes has far outstripped the impact on transatlantic freight rates of Russian diesel bans in Europe in the wake of the invasion of Ukraine — when European diesel buyers heavily shifted their demand from the Black Sea toward the US Gulf coast. The disruption to Mideast Gulf exports of crude and refined oil products has rattled freight markets globally, pushing buyers from regions outside of the typical US Gulf coast demand pool to provisionally hire MR tankers from the region, as evidenced on the BB Energy deal with the Nord Master . The trader included South Africa as a discharge option on the voyage at WS685, which is a country that imported 64.4pc of its refined oil product shipments, mostly diesel, from the Mideast Gulf since March 2024. The US Gulf coast accounted for only 1.5pc of the country's imports in that same period, Vortexa data show. Meanwhile, Jones Act waiver deals continued to hit the US Gulf coast spot market on Monday, which actively reduced the available tonnage pool for international shipments and provided further upward pressure on rates. Jet fuel wholesaler Nafco provisionally hired the Lakshmi today for a US Gulf coast-Alaska voyage at $7.75mn lumpsum. Nafco itself is a rarity within the US Gulf coast spot market, with no other spot market deals heard since 2022, suggesting the Jones Act waivers represented a unique trading opportunity for the company. This also demonstrates the waiving of typical Jones Act requirements, that US cabotage vessels be US flagged and US crewed, has introduced entirely new demand into the US Gulf coast spot market at a time when global buyers are already scrambling to secure shipments from the region. By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US pushes IMO to overturn net-zero framework
US pushes IMO to overturn net-zero framework
Sao Paulo, 23 March (Argus) — The US has asked the International Maritime Organization (IMO) to end its attempt to approve a net-zero framework (NZF) for the maritime sector. The country suggests canceling the extraordinary meeting scheduled for October to vote on the net-zero framework, because the model under approval would "have dire economic consequences for the shipping industry, energy producers and global consumers". The US already opposed the NZF proposal at the extraordinary meeting in October 2025 and spearheaded the movement to postpone the vote. The request was included in the submission letter of the US delegation attending the 84th session of the Marine Environment Protection Committee (MEPC 84), which will take place in 27 April-1 May, in London. The creation of the NZF was approved at MEPC 83 in April 2025, but the regulation of the measure, in October of last year, was postponed because of a lack of consensus. The new extraordinary meeting is scheduled for October this year, and the measure can be adjourned for more 12 months. In the submission letter, the US argues that the 2025 version of the NZF favors the use of "expensive, unproven, and unavailable fuels", instead of prioritizing existing fuels such as biofuels and LNG, of which the US is a major producer. The submission also argues that the NZF should not contain a carbon pricing mechanism, because this would transform the IMO into a "global climate bank," diverting it from its original mission of regulating the maritime sector. Furthermore, the US says there is a strong lack of consensus among IMO member states, as was apparent in the divided vote to postpone the NZF vote last October. At the meeting, 57 countries voted for postponement, 49 voted in favor, while 21 abstained. The US argues that, should discussions for the creation of a NZF return in the future, the mechanism should not include a carbon emission tax or any type of penalty, nor should it restrict or limit the use of any type of fuel, whether fossil or not. It also calls for the abolition of regional mechanisms for energy transition in the maritime sector, such as EU ETS and FuelEU Maritime in the EU. The US also said that, in case of approving a new NZF model, the acceptance model should be the "explicit acceptance" or "opt-in" procedure. Under this proposal, the regulation would come into effect only after two-thirds of the parties — or parties whose combined merchant fleets constitute not less than 50pc of gross tonnage of the world's merchant fleet — voluntarily communicate to the IMO the acceptance of the framework. By Gabriel Tassi Lara Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
At least three vessels exit strait of Hormuz
At least three vessels exit strait of Hormuz
London, 23 March (Argus) — At least three vessels transited the strait of Hormuz early on Monday via the narrow channel between Iran's Qeshm and Larak islands, according to ship tracking data. The transits come amid tentative signs that diplomatic moves may be getting under way to resolve the de facto closure of the strait. US president Donald Trump said earlier today that he had ordered a five-day pause in planned strikes on Iranian energy infrastructure following what he described as "very good" and "productive" conversations with Iranian officials. Two very large gas carriers (VLGCs) — Pine Gas and Jag Vasant — transited the Qeshm–Larak channel early on Monday, according to Kpler, Vortexa and MarineTraffic. The Medium Range clean products tanker Bright Gold also passed through the same gap. Pine Gas loaded at Ruwais in the UAE almost a month ago, while Jag Vasant loaded at Mina al-Ahmadi in Kuwait around the same time. Both vessels had remained in Gulf waters for weeks before making the transit, drifting off the coast of Ras Al Khaimah in the UAE. There is no confirmation that Iran has deployed sea mines in the strait of Hormuz. But if mines were placed in the southern portion of the strait, the Qeshm–Larak gap could serve as a narrow checkpoint for controlled outbound transits. The two VLGCs are bound for India, according to ship tracking data. Trump on Saturday threatened to attack Iran's power plants if the Hormuz strait was not reopened within 48 hours, but today he rowed back on that plan, postponing the strikes for five days following what he said were "very strong" talks with unidentified officials who "seem to be running" Iran. Iranian state-linked media denied that any direct or indirect talks with the US had taken place, contradicting Trump's account and adding uncertainty to the political backdrop. The US pause may prompt more vessels stuck in the Mideast Gulf to attempt to cross the Hormuz strait. Only a limited number of ships have made it through since the start of the US-Israeli war with Iran on 28 February. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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