The Current

Strait mine explosion and resumed US blockade dominate Gulf tanker operations

a.mclelland@spimarine.com (Andrew McLelland) — Wed, 29 Jul 2026 00:18:27 GMT

This week saw two major developments for Gulf tanker operations. On July 26, an oil tanker exploded after striking a naval mine in the Strait of Hormuz, the first such casualty in the current conflict. The same day, the US military began redirecting commercial vessels as part of its reimposed blockade on Iranian ports. By July 29, that number had reached 20 vessels turned back, directly constraining access to Iranian terminals. A brief lull in hostilities ended July 28 when Iran launched ballistic missiles at US bases, all intercepted, prompting a four point four percent spike in oil futures. The same day, a drone struck a US-owned gas storage tanker at Egypt's Damietta terminal, marking the first direct maritime attack outside the Gulf and Red Sea theatre. Iran's deputy foreign minister warned Tehran will consider any action to maintain control over the Strait, including resuming war, though diplomatic talks with Oman on managing Strait shipping have reportedly shown progress.

Mediterranean Weekly Report

a.mclelland@spimarine.com (Andrew McLelland) — Tue, 12 May 2026 20:15:37 GMT

Far East Weekly Tradelane Report

a.mclelland@spimarine.com (Andrew McLelland) — Fri, 08 May 2026 20:35:42 GMT

West Coast India Weekly Tradelane Report

a.mclelland@spimarine.com (Andrew McLelland) — Fri, 08 May 2026 19:47:56 GMT

The US Gulf to West Coast India corridor continues its gradual softening trend into Week 30, with rates declining across all three parcel bands. The 5K band shed five dollars week on week to reach $120/mt, the 10K band eased two dollars to $103/mt, and the 20K band fell three dollars to $97/mt. Owner sentiment has shifted toward accommodation on larger parcel sizes, with willingness to negotiate on 20,000 metric ton requirements reflecting the absence of firm fixing momentum. Indian buyers remain active in sourcing from the US Gulf across glycols and easy chemicals, and inquiry volume appears consistent, but that interest is not converting into confirmed business at a pace that supports rate recovery. The structural headwind identified in prior weeks persists: Arabian Gulf vessel normalization continues to supply West Coast India receivers with an alternative origin, reducing urgency among charterers to commit to US Gulf stems. Confirmed market activity includes a 24,000 metric ton easy chemicals fixture for second half August, while glycols inquiries at 10,000 and 20,000 metric ton levels for both second half July and August remain in quote status. Until Arabian Gulf supply patterns shift or US Gulf inquiry converts into fixtures at greater frequency, the corridor is expected to remain range-bound with a soft bias.

South American Weekly Tradelane Report

a.mclelland@spimarine.com (Andrew McLelland) — Thu, 07 May 2026 00:14:01 GMT

Transatlantic Weekly Tradelane Report

a.mclelland@spimarine.com (Andrew McLelland) — Tue, 05 May 2026 18:23:43 GMT