STS operation taking place at Fujairah Offshore Anchorage Area. Image Credit: Port of Fujairah

Shipping activity through the Strait of Hormuz remains severely disrupted, with vessel transits down around 95% from pre-conflict levels, according to Clarksons Research.

The average daily transits have fallen to just five ships over the past week, compared to around 125 before the conflict, Steve Gordon, Global Head of Clarksons Research, said in an email update on Monday.

Tanker movements have been particularly affected, with only three oil tankers passing through the Strait over the weekend versus around 40 in a typical two-day period.

No LNG carriers have transited the waterway so far in March.

About 1,100 Ships Struck in The Gulf

Around 80% of recent transits have been vessels exiting the Gulf, while ships entering remain extremely limited.

Clarksons estimates roughly 1,100 vessels, equivalent to 37 million gross tonnage and valued at $30 billion, are currently inside the Gulf, including about 250 oil tankers.

The disruption has also driven changes in trade flows, with VLCCs heading to Yanbu on the Red Sea increasing sixfold as alternative export routes develop.

Freight markets remain elevated despite some easing last week.

VLCC earnings stood at $185,000 per day, around five times long-term averages, while LNG carrier spot rates held firm at $135,000 per day.

Gordon said that higher bunker costs are beginning to impact vessel speeds, which are down about 2% so far this month.

He highlights the scale of disruption to global energy trade.

Before the conflict, around 20% of global oil supply passed through the Strait of Hormuz, along with 19% of LNG trade and 28% of LPG volumes.

Gordon said the outlook for shipping markets will depend heavily on how long the conflict persists, with mixed impacts expected across different vessel segments.