Frontline CEO Sees Hormuz Traffic Rebounding From 5-10 Ships a Day on US-Iran Deal
Updated
Updated · CNBC · Jun 11
Frontline CEO Sees Hormuz Traffic Rebounding From 5-10 Ships a Day on US-Iran Deal
3 articles · Updated · CNBC · Jun 11
Summary
Five Frontline tankers are stranded in the Persian Gulf, and CEO Lars Barstad said transits through Hormuz would resume quickly if Washington and Tehran strike a credible security deal.
Traffic is still far below the prewar 130-140 ships a day, with only 5-10 vessels crossing daily, though Barstad said owners would return fast once threat warnings ease further.
About 10% of the world's VLCCs are stuck in the Gulf loaded with oil, and Barstad said those ships would be first out as Gulf exporters rush to clear full storage tanks.
Reopening would still face bottlenecks: tanker fleets have been redeployed globally, some Middle East wells may be damaged, and Barstad expects regional oil output to stay below pre-closure levels.
The outlook remains hostage to volatile US-Iran diplomacy, with Trump alternating between bombing threats and talk of a deal while shippers weigh possible Iranian transit fees and still-elevated security risks.