business π’ Chinese tankers reroute amid Hormuz tensions π’
Two Chinese very large crude carriers have made U-turns in the Strait of Hormuz, according to Bloomberg reports. The vessels, Sea V and Hestia, are currently idling in the area, with one turning back from Iraq. Earlier this week, Chinese shipping majors diverted vessels due to high drone and missile strike risks in the waterways. These giants, like COSCO and China Merchants Energy Shipping, operate over 100 VLCCs. Tanker operators are now using ship-to-ship transfers outside the straits to avoid risk.