The maritime crisis unfolding around the Straits of Hormuz is creating one of the most dangerous environments for international navigation in recent years. In a region where geopolitical tension, sanctions, and "shadow" ship movements have dramatically restricted maritime traffic, Greek tankers appear to maintain a decisive role in sustaining the flow of global oil. While many shipowners avoid crossing this critical passage, vessels of Greek interests continue to operate in the area, transporting cargo from the Persian Gulf to international markets. Their presence is not merely an indication of maritime power but also a factor of stability for the global energy supply chain. Through their activity, Greek shipowners contribute to keeping the oil trade routes open during a period when uncertainty threatens to "freeze" the market. Within this volatile setting, Greek shipping appears once again to take on the leading role, proving why it remains the dominant force in maritime energy transport.
The Straits of Hormuz
Recent vessel tracking data records the movements of the shadow fleet, as well as other ships moving through the Straits of Hormuz. Lloyd’s List Intelligence reports that, besides the Iranian "shadow fleet," vessels linked to Greece outnumber the rest passing through the Straits. "Vessels linked to Greece are loaded with oil in the Persian Gulf and are now heading toward the Straits of Hormuz," explained Bridget Diakun, a senior risk and compliance analyst at Lloyd’s List Intelligence. "This is particularly critical because, if they manage to pass, other shipowners and managers might take heart, reconsider their calculations, and perhaps take the risk to move. However, this depends on how things evolve and how much they continue to wait as time passes." Other vessels are linked to the United Arab Emirates and some to China. "There was a lot of talk that China has free passage through the Straits of Hormuz," Diakun said. "This is not evident in the data."
Diakun explained that Iranian oil loadings continue and that the movements of vessels under sanctions in the shadow fleet show the additional precautionary measures being taken. "Beyond disabling the AIS, we identified a container ship under sanctions heading toward the Gulf. It eventually remained stationary for three or four days before finally making the transit," she said. Lloyd’s List defines a confirmed "shadow" vessel as one that has an officially recorded period of AIS deactivation and reactivation. At the start of the crisis, Lloyd’s List reported that between 40 and 50 vessels disabled their systems, primarily in the Middle East's Persian Gulf and some in regional ports. Diakun expects these figures to be revised upward in the coming days. So far, Lloyd’s has identified nine "dark" transits. Approximately 80% of the transits identified are "dark" transits. "To be certain a ship truly crossed the Straits while 'dark,' it must come back into operation," Diakun said. "That is why we don't record something just because we suspect it as a dark transit. We must have proper confirmation." On March 4, an Iranian-linked container ship and a "dark" transit of a shadow fleet tanker heading toward the Gulf of Oman were recorded by Lloyd’s List.
And yet… they move
Data from Kpler show that Iranian tankers are in the Gulf and show no signs of fleeing. The majority of tankers remain in or around the Straits of Hormuz and in the anchorage zones of the UAE and Oman. "Movements suggest caution, low speeds, concentration of ships, a partial freeze, but not a suspension of activity," said Dimitris Ampatzidis, senior risk and compliance analyst at Kpler. "There is no sign of extensive unloading within the Gulf in recent days, which would be unusual for these trade flows anyway. Generally, it is common for the bulk of Iranian crude unloads to happen further east through ship-to-ship transfers or in Asia." About 44 to 45 transits have taken place through the Straits since the beginning of the month, according to Lloyd’s List calculations. This represents about a 90% reduction in capacity compared to normal levels.
The reduction in total vessel transits has led to a reversal in Russian oil markets from India toward the US. In a post on X, US Treasury Secretary Scott Bessent announced that India, which imports about 90% of its crude oil—with nearly half coming from the Middle East—was granted an exemption to allow it to buy Russian crude. The decision was made to "allow oil to continue flowing into the global market" and not to "provide significant economic benefit to the Russian government." The reason behind this announcement is the country's limited crude reserves. Kpler explained to BN that, due to short transport times, the country holds crude reserves for just 30 days. South Korea, the primary US West Coast jet fuel supplier, held an emergency meeting on Sunday to discuss utilizing its strategic oil reserves to keep domestic gasoline prices lower. About 70% of South Korea's crude imports pass through the Straits of Hormuz.
Trump: Shipowners… be bold
Meanwhile, US President Donald Trump called on shipowners to continue normal transit through the Straits of Hormuz, urging them to show "courage" during a time when navigation in the region has nearly stopped due to tension in the Middle East. His position followed the departure of the Greek-interest tanker Shenlong, a suezmax type with a capacity of 159,000 dwt, which carried approximately one million barrels of oil from the Persian Gulf and was spotted off India after crossing the strategic passage. This specific movement is considered the first recorded tanker exit from the region since the start of air strikes by the United States and Israel against Iran, developments that have intensified fears regarding navigation safety.
Tehran had warned it would target vessels attempting to pass through the Straits, leading many shipping companies to suspend their routes. This development contributed to the rise in international oil prices, which exceeded $100 per barrel. In a phone intervention on Fox News, Trump appeared critical of the shipping industry's stance, emphasizing that "ships must pass through the Straits of Hormuz and show courage." According to TradeWinds, he reportedly stated that "there is no reason for fear," arguing that Iran does not possess substantial naval power. At the same time, Washington is considering the possibility of escorting merchant ships, as well as providing insurance guarantees, to restore smooth transit through the passage. Meanwhile, labor unions and international maritime organizations call on shipowners to avoid the Straits while attacks continue. During the first week of the conflict alone, it is estimated that at least 14 ships were attacked, while eight sailors and port workers reportedly lost their lives.
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