A Panama-flagged crude oil tanker managed by Japanese refining group Eneos (5020.T), opens new tab has passed through the Strait of Hormuz, ship-tracking data from LSEG showed on Thursday, the second instance of such a Japan-linked ship making it through.
Before the U.S.-Israeli war on Iran largely disrupted oil supplies via the Strait of Hormuz, Japan relied on the Gulf for about 95% of its oil imports.Miyata Tomohide, chief executive of Eneos (5020.T), opens new tab, Japan's biggest refining group, told reporters on Thursday that the tanker has crossed the strait safely and is expected to arrive in Japan in late May or early June.The Eneos-managed tanker is carrying 1.2 million barrels of Kuwait crude and 700,000 barrels of Emirati Das Blend oil loaded in late February, Kpler data showed separately, with an estimated arrival date of June 3.
Tokyo has stepped up diplomatic efforts since the conflict emerged in late February, and switched to alternatives to partially substitute for the lost barrels, while holding down domestic fuel prices with massive government subsidies.
The Japanese government has been in direct contact with Iran regarding the vessel's passage, including via its embassy in Tehran, Japan's foreign ministry said in a statement. Prime Minister Sanae Takaichi had a phone call with Iran President Masoud Pezeshkian last month.The government will continue its diplomatic efforts and coordination to get the remaining 39 Japan-related vessels out of the Gulf, the ministry added.
The latest passage through the Strait follows one in late April by the Idemitsu Maru, carrying Saudi oil and managed by a unit of Japanese refiner Idemitsu Kosan (5019.T), opens new tab.
Idemitsu, Japan's second biggest oil refining group, said this week it expected Hormuz to reopen sometime between July and September, with benchmark Dubai oil prices declining to pre-war levels by the March 2027 end of the next fiscal year.
As Japanese refineries tap strategic stockpiles and ramp up alternative supplies from locations such as the United States and the Caspian region, refinery runs started to normalise this month, surpassing 70% for the first time since late March. A Chinese supertanker carrying Iraqi crude sailed through the Strait on Wednesday, exiting the Gulf just before a Beijing summit of U.S. and Chinese leaders over the following two days.
Iranian Foreign Minister Abbas Araqchi visited Beijing last week.
Source: Reuters
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