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Hormuz traffic management changed forever: Iran
Hormuz traffic management changed forever: Iran
Dubai, 23 June (Argus) — Administration of the strait of Hormuz will never return to how it was prior to the US-Iran war and will instead be managed by Tehran, according to the country's parliament speaker and top negotiator Mohammad Bagher Ghalibaf. "Everyone needs to know that management of the strait will never return to the way it was before the war," Ghalibaf said. The strait has emerged as a key point of contention since the early days of the war, with Iran insisting that it and Oman, as the two countries bordering the waterway, should play a role in controlling how it is used and which vessels are allowed to pass through it. Tehran in May set up a maritime authority, the Persian Gulf Strait Authority (PGSA), in an effort to consolidate its control. The PGSA would manage transit through the strait and has said it has engaged with hundreds of vessels seeking permits to pass safely, in some cases for a toll or fee. The US-Iran interim deal, signed last week, called for Tehran to ensure movement of vessels from the Mideast Gulf to the Gulf of Oman, and vice versa, with the aim of returning traffic to pre-war levels within 30 days — by around 18 July — while allowing Iran to "remove technical and military obstacles and removal of mines." Latest data from Kpler show an uptick in seaborne Iranian crude and oil product exports as of the week starting 15 June, coinciding with the US lifting the blockade it imposed on Iranian ports in April. Iran has agreed not to charge tolls for passage through the strait, at least for the initial 60 days. But it appears intent on keeping the PGSA in control of all traffic. "Of course, we will fully comply with international law," Ghalibaf said. "But people need to understand [that administration of the strait will remain with Iran]." He said the US and Iran have agreed to "establish co-ordination mechanisms there including a hotline and a centre that can be contacted whenever there is any ambiguity or dispute." "Because the administration/management of the strait is with us, we will manage it easily," said Ghalibaf. "If there is any issue, we will solve it." A tale of two shores But Iran will have to act in co-ordination with Oman, which controls the strait's southern shore, and the two have held a meeting that could help institutionalise a new administrative regime. They agreed to form "a joint working group" to "reach agreement on the future administration of navigation in the strait of Hormuz and the services that will be provided in this regard and the costs associated with them in accordance with international standards," the Omani foreign ministry said on 23 June. Oman's foreign minister Badr Albusaidi said the sides "affirmed commitment to international law and toll-free safe passage." Any toll for passage would be incompatible with the UN Convention on the Law of the Sea (Unclos), notably Articles 38 and 42 that provide "all ships and aircraft enjoy the right of transit passage" that "shall not be impeded". Measures adopted by states bordering a strait must not have "the practical effect of denying, hampering or impairing the right of transit passage," Unclos states. But Article 42 also says states bordering straits may adopt laws and regulations relating to transit passage in respect of the safety of navigation, the regulation of maritime traffic, and the prevention, reduction and control of pollution. "The services that will be provided… and the costs associated with them in accordance with international standards," as mentioned by the Omani foreign ministry, will require clarification. By Nader Itayim and Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UAE's Fujairah braces for return of Iranian HSFO
UAE's Fujairah braces for return of Iranian HSFO
Dubai, 23 June (Argus) — Marine fuel market participants in the Middle East's bunkering hub of Fujairah are cautiously optimistic and a little anxious about what will happen now the US and Iran have agreed to ease regional tensions. As part of the agreement, the US has allowed unlimited sales of Iranian crude and refined products, which could see a return of Iranian high-sulphur fuel oil (HSFO) to Fujairah. While this offers a potential path to normalisation of the trading environment, which has been heavily affected by shipping disruptions in the strait of Hormuz, local traders, suppliers, and buyers remain somewhat sceptical about the timeline, enforcement, and practical implementation of agreed actions. Iran had been a key supplier of HSFO to Fujairah, accounting for 25pc of all imports, or 70,000 b/d, in 2025, oil analytics firm Vortexa's data show. These supplies were cut off as relations between the UAE and Tehran deteriorated. During the war, Iran repeatedly attacked Fujairah's infrastructure, with Tehran accusing the UAE of collaborating with the US and Israel. Some bunker suppliers cannot see the return of stable trade, at least in the near future. "We are hopeful, but there is anxiety in the market that relations have received too much damage," a senior Fujairah-based bunker supplier said. "Everything hinges on how bilateral diplomatic relationships between the UAE and Iran navigate this transition phase." Others said the economic benefits of the trade will help to overcome difficulties in bilateral relations. But, in the post-sanction period, the fuel will not be as cheap as before, they said. Even if sanctions are smoothly lifted, local suppliers anticipate intense competition for Iranian straight-run HSFO from Asian refiners with upgraded secondary processing units, which will be eager to secure supply as a highly economical cracking feedstock. "Fujairah won't be the only buyer in town once the Iranian HSFO is freed from shackles," a regional fuel oil trader said. "Once those barrels are fully legitimised and the banking channels clear, big players will return to feed the appetite of massive, sophisticated refining complexes across Asia. "The resulting premium structure could easily price local bunker blenders right out of the market," the trader said. For the very low-sulphur fuel oil (VLSFO) sector, Fujairah's supply recovery remains heavily reliant on consistent product flows from Kuwait's 615,000 b/d al-Zour refinery. Shipments from the plant will be capped, at least until late in the third quarter. "The region is entering a peak summer demand period and Kuwaiti domestic power utilities will inevitably prioritise burning low-sulphur fuel oil for electricity and air conditioning over exporting it," said a bunker trader. Combined with lingering security anxieties regarding transits through the strait of Hormuz, the Fujairah market is not factoring in prompt VLSFO supply from al-Zour anytime soon. Fujairah VLSFO premiums against Singapore cargo benchmarks hit unprecedented highs of $700/t earlier in June, due to an acute local product shortage. Premiums fell ahead of an arrival of a 100,000t low-sulphur fuel oil cargo from Nigeria's Dangote on 20 June, with more suppliers emerging with offers for end-June. But premiums remain above $300/t, because there have been sharper falls in the Singapore cargo benchmark price and freight netbacks remain high. In normal market conditions, the VLSFO bunker premium is in a range of $5-15/t. By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iranian oil likely to return to mainstream fleet
Iranian oil likely to return to mainstream fleet
New York, 17 June (Argus) — The non-sanctioned crude tanker market could see a surge in demand if the pending peace deal between the US and Iran lifts penalties that have weighed on Iranian oil for years, according to shipowners at the Marine Money Conference in New York this week. Iranian crude is commonly transported on "shadow fleet" vessels, older, poorly insured ships that are used to bypass western sanctions to transport sanctioned crude to global markets. The draft of the 14-point memorandum between the US and Iran, leaked yesterday, included the lifting of western sanctions and the issuance of waivers for exports of Iranian crude , petrochemical products and their derivatives, and all related services, including banking, insurance and transportation. "Part of the agreement is that Iranian oil comes back into the fold, and that would certainly mean, over time, this oil will be transported on (mainstream) vessels," Capital Tankers chief executive Jerry Kalogiratos told the conference. Once Iranian oil is treated the same as other non-sanctioned crude, there will be no incentive for importers to use the "sub-standard ships", he said. Iranian oil that may be relieved of sanctions under the US-Iran agreement is a completely "new barrel" to the compliant fleet, shipowner Frontline's chief executive Lars Barstad said on the panel. Heightened demand for Iranian crude transported on mainstream fleet tankers could help support rates for crude tankers. The US Office of Foreign Assets Control's (OFAC) issuance of a general license on Venezuelan crude earlier this year — after the US captured the country's president and the subsequent increase in Venezuelan exports carried by compliant ships — has had a similar supportive effect on crude rates out of the US Gulf coast . "It's an exceptional deal for Iran," said OFAC's former head of policy Stephanie Connor at the same conference. Before the US-Iran conflict, China's independent refining industry was one of the main importers of Iranian crude, despite the US sanctions. With the issuance of a general license on Iranian export, countries that were sanctioned by the US would be incentivized to buy Iranian crude . "If OFAC issues a general license on Friday, that's great, for some people," Connor said. "Mostly US adversaries who are already trading in Iran, despite US sanctions." By Delfina Marchese and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Singapore’s bunker sales fall in May
Singapore’s bunker sales fall in May
Singapore, 15 June (Argus) — Total sales at the bunker hub of Singapore fell by 6.8pc on the year to 4.55mn t in May, but recovered by 4.5pc on the month from a weak April, according to data from the Maritime and Port Authority of Singapore (MPA) released today. May demand rebounded from April, when sales hit a 14-month low . Weak demand for conventional bunkers due to the US-Iran war continued to weigh on fuel supplies as well as demand from ships refuelling at the port, said local traders. Some ships have changed routes and diverted to China due to cheaper fuel options, while there were less bunkering opportunities for larger ships like VLCCs due to the reduced supplies coming out from the strait of Hormuz, said traders and a shipping broker. Very-low sulphur fuel oil (VLSFO) consumption fell by 6.5pc on the year to 2.29mn t in May, while high-sulphur fuel oil (HSFO) sales fell by 5.2pc on the year to 1.79mn t. Likewise, sales of low-sulphur marine gasoil (LSMGO) fell by 4.3pc on the year to over 327,000t. More charterers and shipowners reduced bunker purchases and took only minimal quantities for voyages, given higher prices in May. Competitive prices at other regional Asian ports, like Zhoushan, weighed on overall bunker demand in Singapore. This trend has extended to June, with spot demand remaining slow and smaller stems traded for key bunker grades, said traders and suppliers. Meanwhile, vessel arrivals rose by over 3pc on the year and almost 8pc on the month to 11,729, which provided some support to bunker demand compared with April despite cautious buying sentiment. Singapore's VLSFO sales rose by 4.7pc on the month while HSFO sales increased slightly by 0.4pc in May. LSMGO sales were also up by around 28pc on the month. On the alternative fuel front, the total volume of all alternative marine fuels bunkered in Singapore fell by 23pc on the year in May. A total of 137,800t of alternative fuels were bunkered in May and the year-to-date total stands at 650,100t. A total of 1.6mn t of alternative marine fuels was bunkered in Singapore in 2025, including all biofuel blends, B100 and LNG. The sharpest drop among all green marine fuels came from biofuels in May. Demand for biofuels in shipping plunged by 57pc on the year to 60,800t for May from a year earlier. Among the biofuel blends, VLSFO blend consumption fell by 62pc on the year to 36,400t, the lowest in more than two years. The last time B24 and B30 VLSFO blend demand fell below 30,000-40,000t was in February 2024. Stronger economics due to the rise in conventional bunker prices since the war started has also pushed ship owners to consider bunkering B100 and mass balancing to meet compliance requirements. B100 consumption in Singapore increased more than fivefold from a year earlier to a record high of 12,800t in May. Demand for LNG as a bunker fuel continued to grow, rising by 56pc on the year to a fresh monthly record high of 70,300t. The number of LNG dual-fuelled vessels in order books is higher compared with other newbuilds fuelled by other sustainable fuels, industry data show. The expected delivery of a number of newbuilds this year among key shipowners has also kept the momentum high in terms of demand. Total LNG bunker sales in Singapore stood at 263,300t on a year-to-date basis, and is on track to breach last year's total at 571,400t by the end of 2026. By Mahua Mitra and Cassia Teo Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
