Strait of Hormuz Crisis Causes Shipping Rates and Premiums to Surge Over 50%, Japanese and Korean Citizens Start Stockpiling Gasoline

WealthCoffee · 2026-03-03T13:20:36+00:00

On March 1st, China Merchants Energy Shipping's ultra-large oil tanker "Xin Hai Liao" was the last large oil tanker to pass through the Strait of Hormuz that day. Since then, only 19 non-Iranian ships have passed through the strait, accounting for less than one-fifth of the usual traffic, with over 100 ships stranded.

WealthCoffee

2026-03-03 13:20:36

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Caixin News On March 1st, at 4 a.m. local time in Oman, the 300,000-ton ultra-large oil tanker “Xin Hai Liao” operated by COSCO Shipping (601872.SH) passed through the Strait of Hormuz from the Persian Gulf, becoming the last large vessel to transit the strait that day. After that, aside from Iranian ships, there were no records of large vessels (over 80,000 deadweight tons) passing through the Strait of Hormuz on that day.

According to ship position data from Caixin, as of 3 p.m. local time on March 1st (7 p.m. Beijing time), only 19 non-Iranian ships had passed through the Strait of Hormuz that day, less than one-fifth of the usual daily traffic, and most of them were small to medium-sized vessels. Caixin observed that currently, more than 100 ships are stranded at both ends of the Strait of Hormuz.

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