Search

Amid the shipping crisis in the Strait of Hormuz, Iran announced its readiness to allow ships bound for Japan to pass through. For the market, this is a rare public signal about the selective passage regime, which affects the cost of freight, insurance and compliance of cargo owners.

The navigation regime through Hormuz became selective in March: some destinations and "neutral" contours get a chance to pass, while the rest of the markets have to rebuild routes and pay surcharges. Below is a list of countries that appear in public reports as recipients of such a regime.

The cost of shipping oil through the Strait of Hormuz has increased dramatically: The rates for VLCC exceeded $14 per barrel in early March. The rise in prices has also affected Suezmax, and the market expects high volatility due to security risks, insurance surcharges and route redistricting.