Wanted: Oil tankers at any cost as tensions in the Gulf trigger a global scramble

The war in Iran is reshaping global shipping, as the closure of the Strait of Hormuz, a vital artery that until March carried 20% of the world’s hydrocarbon supply, forces the industry into uncharted territory. Oil and gas are still trickling out of the Persian Gulf, but only through tactics that would once have been unthinkable, such as switching off supertankers’ satellite tracking systems or transferring cargo at sea, and at exorbitant cost. Sailing through Hormuz is becoming increasingly risky and expensive, and with no end to the disruption in sight, owning an oil tanker has become the key to moving a commodity the world still desperately needs.

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