Shipowners See More Hormuz Transits as U.S. Gives Advice

Shipowners have grown more optimistic about a pickup in traffic through the Strait of Hormuz after more vessels transited the waterway this week, with the U.S. providing navigation advice. At least two shipowners, who asked not to be identified, said they were in touch with American military forces, which advised them on how to navigate the waterway. The U.S. Central Command said U.S. military assets aren’t escorting ships, but are providing advice to commercial vessels in the region.

The increase in transits could signal that more shipping companies are willing to make the journey, boosting the flow of oil, gas, and consumer goods. However, some ships switched off their transponders, and tracking shows at least a quarter of ships stranded since the Iran war began have exited. The U.S. and Iran are close to a 60-day ceasefire extension, but owners need full details and lasting peace before resuming shipping. Chevron Corp.

CEO Mike Wirth said some vessels transiting Hormuz have come under attack in recent days. Totalenergies CEO Patrick Pouyanne said his company would want indications of lasting peace before sending vessels back into the Persian Gulf. A sustained resumption of shipping could boost oil tanker earnings, with Capital Tankers Corp. CEO Gerasimos Kalogiratos expecting a “frenzy phase” once Hormuz reopens.