S&P Global Energy said 78 vessels transited the Strait of Hormuz on June 24, the
largest single-day passage since hostilities involving the US, Israel and Iran
began. This month’s daily average transits have recovered to roughly 57% of
pre-conflict levels. The transit rebound, together with multi-country
autumn/winter crude restocking, has driven international tanker freight sharply
higher. Domestically the impact is mixed: shipping companies have seen risk
premia fall as route tensions ease and higher rates lift earnings, while
refiners face margin pressure as rising sea freight increases landed crude
costs. Many Chinese refiners are expediting crude replenishment to use the
current window.
