London (AFP) – Shipping companies from Greece, the UAE, and China are most affected by the closure of the Strait of Hormuz, according to data from Bloomberg and marine traffic organizations. Around 670 commodity vessels sent signals from west of the Strait of Hormuz over the last day, with companies from the nearby United Arab Emirates accounting for 120—around 18 percent of the total. The war erupted on February 28 when the US and Israel launched attacks against Iran, sparking retaliatory strikes across the region—with Tehran’s forces targeting the crucial waterway. The figures may understate the true totals as some vessels may have turned off their transponders.
Greece is next on the list; its companies have at least 75 commodity vessels that have been in the strait since the beginning of the war—around 12 percent of the total. Of those vessels, around 30 are oil or gas tankers, according to an analysis of Bloomberg data, which collates information from various organizations.
Asian countries have been hit hard by the shutdown. Chinese companies account for 74 commodity vessels in the area, 25 of which are oil and gas tankers. The remainder are dry bulk carriers such as container ships. Japanese companies have at least 23 oil and gas vessels and 16 dry carriers in the strait. Added to that, 25 vessels from Hong Kong—13 oil and gas, 12 dry—are also in the region. India-based companies have 24 oil and gas vessels in the area. Singapore and South Korea companies have also been affected, with 29 and 22 commodity vessels, respectively, stuck since the war began. Vietnam has three large gas carriers in the area.
Around 50 Very Large Crude Carriers (VLCC) appear to be stuck, along with 11 Very Large Gas Carriers. South Korea accounts for seven of the VLCCs, while China and Japan companies each account for six, and Greece for five.
Of the 225 crossings by commodity carriers since the start of the war, more than 40 were by Iranian vessels, according to data from maritime intelligence firm Kpler. A further 60 were by vessels that are not flagged or directly owned by Iran but are sanctioned by the US under its Iran program.
Some 35 crossings have been made by Greek-owned vessels, including eight by one company, Dynacom Tankers Management Ltd. At least 20 Chinese-affiliated vessels and 13 Indian-linked vessels have made the journey. Some vessels appeared to have crossed the strait via a vetting system in which Iran grants safe passage to certain vessels from friendly countries.
Hundreds of vessels seem to be waiting out the war, given the sky-high insurance costs and danger to life and cargo. Of the vessels in the area reporting attacks or suspicious activity, around half were linked to Europe or the United States, according to the UK Maritime Trade Operations and publicly available ownership information.
© 2024 AFP
