Chinese ships reroute around key straits
The Chinese shipping companies Cosco and China Merchants, which control more than 100 supertankers, have halted their operations through the Strait of Hormuz and the Bab el-Mandeb due to the high security risks resulting from the Middle East conflict. The companies have relied on transferring oil from one tanker to another outside the Gulf, especially as tensions escalated, leading to a significant increase in oil shipping costs. They have been making daily profits of up to $110,000 per tanker, reflecting a major shift in oil supply routes to China, the world's largest importer. The methods of transporting oil outside these straits are impacting the stability of China's oil supplies.
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