At least eight ships controlled by Japan’s Mitsui OSK Lines are heading out of the Strait of Hormuz using a route close to Iran, including some of the last trapped oil tankers to exit the waterway.
The vessels include five supertankers, each capable of hauling 2 million barrels of crude, two chemical tankers and a car carrier, according to ship-tracking data compiled by Bloomberg and database Equasis. They’re moving in a convoy and some previously attempted to exit, before abandoning their journeys.
Iran has sought to assert control over Hormuz, through which a fifth of all oil moved before the war, since it reached an interim peace deal with the U.S. last month. Over the weekend, a series of tankers abandoned efforts to cross Hormuz using a U.S.-managed route by the coast of Oman. Some of the ships then concluded their transits by switching their route closer to Iran, which has repeatedly said that it will only allow ships to cross that have its permission.
If the vessels complete their crossing, it would mean that the number of large oil tankers that were trapped in the Persian Gulf at the start of the war is now down to just a handful, from more than 100 in early March. The market is closely watching what’s moving through Hormuz and how, especially as the peace deal has unleashed a wave of supply that’s caused prices to slump and fueled expectation of a global glut.
Mitsui OSK Lines (MOL), one of the world’s largest oil and gas tanker owners, declined to comment.
The company is among shipowners that have indirectly requested support from Tokyo to get their vessels out. Import-dependent Japan has repeatedly called on Iran to ensure the free transit through Hormuz. Japanese officials have held talks with Iranian counterparts at various points in the conflict, as Tokyo lobbied Tehran for safe passage.
MOL said in June that it would only resume navigation through Hormuz after full confirmation of safety, adding that close coordination with relevant governments and insurance firms among other stakeholders is essential before operations can restart.
Japanese shipowners are typically conservative when it comes to risk. MOL Chairman Takeshi Hashimoto said in early June that MOL was among shipowners that have indirectly requested support from Tokyo to get their vessels out.
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