A South Korean tanker is currently heading to Korea after loading crude at the Saudi port of Yanbu and transiting the Suez Canal, the South Korean Ministry of Oceans and Fisheries announced on Monday, according to South Korean news agency Yonhap. This is the first occasion that South Korean crude has been transported via the Suez Canal since the Strait of Hormuz closed at the end of February.
The voyage represents the sixteenth crude shipment to Korea via the Red Sea since the Strait of Hormuz closure. The previous 15 shipments transported crude from the Yanbu port through the Strait of Bab el-Mandeb, while this latest vessel used the Suez Canal instead.
During the vessel's transit through the Red Sea, the ministry provided support to the ship's security and crew through continuous 24-hour monitoring, supplying navigation safety information and operating a direct communication channel between the ministry, the shipping company and the vessel, the ministry stated. "We will continue making our best efforts to ensure stability in crude supplies," it added.
The closure of the Strait of Hormuz has caused the largest disruption in oil supplies in history, with losses of more than 10 million barrels daily in energy markets. The strait is one of the world's most important commercial oil routes, through which approximately 20 per cent of global oil trade normally transits. The halt in tanker traffic has prompted Gulf states to reduce their production, worsening global supply losses.