Recently, Iran announced the closure of the Strait of Hormuz, triggering swift reactions across global shipping and energy markets. According to data from UK shipping broker Clarksons, approximately 3,200 vessels are currently stranded in the Middle East Gulf region, unable to enter or exit.

Among them, 112 crude oil tankers are stranded, including 70 Very Large Crude Carriers (VLCCs), accounting for 8% of the global VLCC fleet. Additionally, 195 product tankers, 241 bulk carriers, and 114 container ships are also stuck.

Oil shipping expert Anoop Singh noted that 56 mainstream VLCCs alone were stranded, with 29 operating at full capacity. Additionally, 21 Very Large Gas Carriers (VLGCs) were also trapped on the “wrong side” of the strait, accounting for 5% of the global fleet of this vessel type.

The Strait of Hormuz handles approximately 20% of the world's oil supply and 35% of crude oil exports, while also accounting for 15% of refined oil products, one-fifth of LNG, and 30% of LPG trade. Should disruptions occur, the consequences would be self-evident.

The market has already shown a clear reaction: short-term LNG shipping rates have surged over 20%, while VLGC rates have also risen due to navigation uncertainties. Soaring insurance costs and voyage delays will further exacerbate shipping expenses.

Although only about 2% of container shipping trade passes through the strait, nearly 460 container vessels are scheduled to call at Gulf ports. Several liner companies have suspended new bookings for Middle East services.

Dry bulk shipping faces lesser impact, but potential ripple effects warrant attention. Clarkson warns that the true long-term consequences hinge on when the strait reopens and subsequent geopolitical developments.