Hormuz Harbor reaches weekly low

Ship traffic through the Strait of Hormuz declined to its lowest level in a week, with "Capter" tracking only 8 ships on Tuesday, compared to 12 over the previous ten days. This marks the lowest number since August 5th. The decline is attributed to escalating military tensions and regional instability, with Iran continuing to block the waterway and ships rerouting via the Iranian passage, leading to higher shipping costs. The daily charter rate for a supertanker has reached around $500,000, increasing pressure on oil transportation between the Gulf and Asia. Despite this, the Bab el-Mandeb Strait saw above-average activity, with 30 ships passing compared to 25 in the past ten days. Nonetheless, the overall situation has resulted in rising shipping prices and companies' reduced readiness to reuse the Strait of Hormuz.

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