Ship-to-ship (STS) transfers in the Gulf of Oman have reached capacity as Saudi Arabia increases crude exports through the Strait of Hormuz following disruptions to its Red Sea export route, putting further pressure on tanker availability and shipping costs, according to trade sources and analysts cited by Reuters.
The rise in Saudi shipments has increased demand for supertankers that shuttle crude through Hormuz before transferring cargoes to larger vessels outside the strait. The resulting shortage of available tankers has pushed up freight rates and extended the time crude spends at sea before reaching refineries.
