More than 50 ships have exited the Mideast Gulf through a southern route around the strait of Hormuz in the past three days, including 14 crude and oil product tankers, according to shiptracking data.
The route runs around the tip of Oman and avoids sea lanes designated by Iran. It had been used sporadically during the US-Iran conflict, but was later defined as a temporary corridor under an International Maritime Organisation (IMO)- and Oman-led evacuation plan announced on 23 June.
Seven VLCCs, three Suezmaxes and four other crude or clean product tankers have since exited the Gulf along the route. Other vessels using it included 15 bulk carriers — three of them Capesize — alongside containerships, LPG and LNG carriers and other ships.
This is likely the busiest period on the route since the start of the conflict, as shipping through Hormuz begins to recover following the US-Iran memorandum of understanding aimed at ending hostilities.
At least nine ships have also used the corridor to enter the Mideast Gulf, including the VLCC Ocean Lily, suggesting owners are becoming more confident about operating in the region.
But use of the route remains contested. Earlier today, Iran's Islamic Revolutionary Guard Corps (IRGC) warned vessels against using any routes through the strait of Hormuz that have not been designated as safe by Tehran.
The IRGC Navy said "some authorities" had announced a new route for ships to transit Hormuz "without informing or co-ordinating with" Iran, which it described as "unacceptable and completely dangerous".
"The only permitted routes for passing through the strait of Hormuz are those which were announced by the Islamic Republic of Iran," it said. "Any movement of vessels outside these routes is very dangerous and prohibited."
Lower war-risk premiums may support a further recovery in tanker activity. Additional war-risk premiums (AWRPs) for VLCCs have fallen to around 2pc of vessel value from about 5pc previously.
Charterers have secured the Olympic Lady to load a crude cargo, marking one of the few VLCC fixtures from within the Mideast Gulf since the start of the war, according to market participants.
Oil product trade has also begun to pick up as transit conditions improve. Mideast Gulf refiners have started to offer a wider range of products.
Kuwaiti refiner KPC was among the first to return to the spot market this week after lifting force majeure on 18 June, following the US-Iran memorandum. KPC sold naphtha for July loading from Kuwait, likely its first spot fob tender since the start of the conflict. Market participants expect further product offers from KPC to follow.
