Greek shipowners are repositioning oil tankers near the Persian Gulf in anticipation that the Strait of Hormuz could reopen, a wager that any vessel ready to move quickly into the gulf would command very high rates as producers race to resume exports. Capital Maritime and Trading Corp. has pulled many of its tankers to within three to five days sailing of the gulf, parked near India and east Africa, according to backer Evangelos Marinakis, who spoke at the TradeWinds Shipowners Forum in Athens on Tuesday.
At least one other Greek owner is positioning ships in a similar way, a person familiar with the matter told Bloomberg. The bet hinges on a peace deal between the United States and Iran, which remains uncertain. In the meantime the idle tonnage is not earning, while ships sent to the US Gulf could pull in roughly 100,000 dollars a day, a level that would otherwise be very attractive to most owners.
Even if a deal lands, the route will not snap back instantly. Shipowners would want assurances that Hormuz is clear of mines after Oman last week urged ships to exercise caution following reports of a suspected mine in its waters. Marinakis said he would prefer to pay a toll to keep moving rather than accept a closed strait, putting him at odds with another major Greek owner who said this week that tolls around Hormuz could never be accepted.
Since the war began, owners have taken a patchwork of approaches. Many are staying away, while bolder operators continue to sail through. A growing number of tankers are transiting with signals off, quietly assisted by the US, and others have passed Iranian waters under government to government deals that include the payment of tolls.
The buildup is significant. Saudi tanker giant Bahri has at least six supertankers that have been waiting more than a month, according to vessel tracking data compiled by Bloomberg, and Frontline Plc estimated last month that about 55 ships in total are waiting outside the strait. That is a meaningful share of the global crude tanker fleet sitting idle on a bet that the most important oil chokepoint in the world is about to reopen.