China’s shipyards secure wave of oil tanker orders as Iran war drives demand
China’s shipyards are emerging as beneficiaries from the US-Israeli war on Iran, securing new orders as crude transport bottlenecks worsen and global demand for large oil tankers rises.
With the United States and Iran effectively blockading the Strait of Hormuz – a chokepoint that handles about a quarter of the world’s seaborne oil – shipping companies are racing to expand capacity, particularly in very large crude carriers (VLCCs) capable of transporting about 2 million barrels of oil per...
Strait of Hormuz Blockade Impacts
- Open or shut, the Strait of Hormuz may not go back to normal The Straits Times —
- Oil Rises on Strait of Hormuz Likely Remaining Closed Wall Street Journal —
- Oil Traders Say Billion-Barrel Hole Will Linger Long After War Bloomberg —
- Hormuz disruption raises risk of global food shock, traders warn Financial Times —
- Global energy markets are on the verge of a disaster The Economist —