The war in Iran is reshaping global shipping, as the closure of the Strait of Hormuz, a vital artery that until March carried 20% of the world’s hydrocarbon supply, forces the industry into uncharted territory.
Wanted: Oil tankers at any cost as tensions in the Gulf trigger a global scramble
The closure of the Strait of Hormuz and soaring freight rates have intensified competition among countries and shipowners to secure their own tanker fleets. A second-hand vessel can now cost up to 40% more than a newly built one
