According to Reuters on May 20, citing shipping tracking data from LSEG and Kpler, two Chinese super tankers successfully navigated out of the Strait of Hormuz after being stranded in the Persian Gulf for over two months. The Yuan Gui Yang, a Very Large Crude Carrier (VLCC) flying the Chinese flag, loaded roughly 2 million barrels of Basra crude oil from Iraq on February 27 — one day prior to the outbreak of hostilities between the U.S. and Iran. Meanwhile, the Ocean Lily, a VLCC under the Hong Kong flag, loaded around 1 million barrels each of Shahin crude from Qatar and Basra crude from Iraq in late February and early March; together, these two shipments totaled 4 million barrels destined for various ports in China. On the same day, the Universal Winner, a South Korean-flagged VLCC carrying 2 million barrels of Kuwaiti crude, also departed the Strait using a transit route designated by Iran. Collectively, these three tankers transported 6 million barrels of oil in a single day.
To provide context, since the joint U.S.-Israel military operations commenced on February 28, commercial shipping through the Strait of Hormuz nearly ground to a halt. As of May 11, over 600 tankers remained trapped within the Persian Gulf, while approximately 240 others awaited passage outside the Strait; during this period, oil prices surged to a record high of $126 per barrel. On March 26, Iran announced that vessels from China, Russia, India, Iraq, and Pakistan could transit via designated routes, leading to a gradual release of stranded ships. Meanwhile, the Grand Lady, a Cypriot-flagged VLCC, has switched off its AIS transponder and is currently navigating waters near Iran’s Larak Island. Market observers interpret the successive passage of multiple Asian super tankers as a potential sign of easing tensions, though shipping statistics indicate overall transit volumes remain significantly below normal levels.