Around 3,200 vessels stuck near Hormuz as tanker rates spike

02.03.2026

The escalation between Iran and the US–Israel coalition is beginning to severely disrupt maritime traffic in the Persian Gulf.

According to Clarksons Research, roughly 3,200 vessels — about 4% of global shipping tonnage — remain in the region, including 112 tankers and 114 container ships. Around 500 vessels are currently waiting near the coasts of the UAE and Oman.

Tanker markets are reacting sharply. The benchmark TD3C route (Middle East–China) briefly surged to $423,700 per day, more than $205,000 higher day-on-day. Brokers caution that only a limited number of fixtures have been confirmed at these levels, suggesting the market is approaching “risk-driven paralysis” rather than a formal closure of the Strait of Hormuz.

The stakes are enormous: 14–15 million barrels of oil per day — more than 20% of global consumption — pass through Hormuz. Existing bypass pipelines cannot compensate for a prolonged disruption.

Insurance pressure is amplifying the shock. More than half of the major P&I clubs are expected to withdraw war-risk cover for vessels entering the Persian Gulf starting March 5, significantly increasing operational costs and encouraging operators to reroute voyages around the Cape of Good Hope.

Sector impact:

- Tankers — hardest hit; theoretical VLCC earnings have reached near-record levels.

- LNG/LPG — disruptions around Ras Laffan and rising regional gas prices; LNG tanker rates reportedly up about 20% in the short term.

- Container shipping — direct exposure to Hormuz is relatively small (around 2% of global flows), but several lines, including MSC, have suspended bookings to the region, raising the risk of congestion in European and Asian ports.

- Bulk carriers — limited direct exposure, but secondary delays and port congestion are likely.

Clarksons Research is the research arm of the British shipping services group Clarkson PLC, founded in 1852 and listed on the London Stock Exchange.