Passed Through Just Before Hormuz Re-closure... 1 Million Barrels of Crude Oil Heading to Korea

An oil and naphtha tanker that passed through the Strait of Hormuz just before its re-closure has been confirmed to be heading to South Korea.

Crude oil tanker Odessa. Screenshot from Vessel Finder website. Photo by Yonhap News.

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According to MarineTraffic, a vessel tracking platform, the Malta-flagged oil tanker "Odessa" is en route to Korea’s Daesan Port, with an expected arrival date of May 8. It is understood that the tanker is carrying approximately 1 million barrels of crude oil. This amount accounts for about 35% of Korea’s daily crude consumption, which is around 2.8 million barrels.

According to the refining industry, this tanker passed through the Strait of Hormuz on the 18th (local time), before Iran re-closed the strait. The ship is reportedly loaded with 1 million barrels of crude oil shipped from the United Arab Emirates (UAE).

Daesan Port is home to the refining facilities of HD Hyundai Oilbank, and the cargo is therefore understood to be destined for supply to this facility.

The last oil tanker to arrive in Korea after passing through the Strait of Hormuz was the very large crude carrier (VLCC) "Eagle Valor," which entered Daesan Port on March 20 carrying 2 million barrels of crude oil. Since then, the inflow of Middle Eastern crude oil has been restricted.

Separately, the Singapore-flagged petroleum product tanker "Navig8 McAllister" also exited the Strait of Hormuz around the same period and is currently heading to Ulsan Port. It is estimated to be carrying about 60,000 tons of naphtha, a key petrochemical feedstock.

An industry official said, "The Strait of Hormuz has been repeatedly opened and closed temporarily, making it difficult to establish stable supply plans."

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