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(Bloomberg) — Two oil tankers heading toward Africa have U-turned in the Indian Ocean this week, switching their destinations to the Middle East as shipowners race to re-position vessels ahead of the possible reopening of the Strait of Hormuz.
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Suezmax Kapodistrias 21 made a sharp turn on Monday, ship-tracking data show, changing its next port of call to Fujairah in the United Arab Emirates port from Gabon. Very large crude carrier Coslucky Lake, originally bound for South Africa, changed direction the same day, and is also signaling Fujairah. At the same time, four empty liquefied-natural-gas carriers owned by Qatar began heading toward the Middle East.
The oil tankers’ diversions came hours after US and Iran reached an interim agreement on a peace deal, pledging in a draft memorandum to end their blockades and reopen the strait. The deal is set to be signed on Friday. The crucial waterway, responsible for a fifth of the world’s oil and liquefied natural gas supplies, has been effectively closed since late February when the US and Israel first struck Iran.
While many shipowners are still in a wait-and-see mode, some with higher risk appetites are gearing up to lock in voyages to enter or exit the strait. First movers stand to benefit from higher rates due to a risk premium still attached to the trade.
The number of empty supertankers waiting in the Gulf of Oman, just outside the Strait of Hormuz, rose to about 60 this week, shipbrokers say, up from about three dozen earlier this month. Including smaller vessels that can also transport refined products, the number of ballasting tankers in the area is at about 150, according to Kpler data. The availability of empty tankers able to quickly enter the Persian Gulf to pick up new cargoes will be crucial to the resumption of oil flows to global customers.
Qatar, meanwhile, is bringing some of its liquefied natural gas tankers back to the Middle East, as the major supplier prepares to ramp-up exports once Hormuz reopens. The four empty LNG vessels that began sailing toward the region had been idling or were heading in a different direction, according to ship-tracking data.
There’s also been a flurry of activity by Iran-linked vessels this week, with a number of ships shifting position as the country prepares to sign the deal that could allow Tehran to start selling its oil. Four vessels switched on their transponders and appeared to be sailing out of the Strait of Hormuz or Gulf of Oman on Tuesday, according to ship-tracking data.
