VLCC Crude Shipping Slows Amid Hormuz Crisis, Venezuela Boosts Volumes

The ongoing crisis in the Strait of Hormuz has sharply reduced very large crude carrier (VLCC) traffic from the Middle‑East Gulf. Global VLCC liftings fell 22% in Q2 2026 to 201.4 million tonnes, with Middle‑East volumes dropping 40% to 97.6 million tonnes. By contrast, shipments from Angola, the rest of the world and Venezuela rose, the latter climbing from 1.4 million tonnes in Q1 to 6.5 million tonnes in Q2, more than doubling the number of voyages.

Traffic through the strait remains thin. On 31 July only two VLCCs – the Spain, loaded at Saudi Arabia’s Ras Tanura and anchored off Fujairah, and the Noble, loaded at Iraq’s Basrah and bound for China – transited the waterway, each carrying about two million barrels. PetroChina has also provisionally chartered a VLCC for a Basrah‑to‑China shipment. The reduced flow follows attacks on tankers by Iran and its Houthi allies and a recent drone strike on gas vessels in Egypt, heightening navigation risks.

Operators linked to the increased Venezuelan voyages include Trafigura, Kyklades Maritime, Reliance Industries and Mercuria, reflecting a shift of crude supply routes toward West Africa and alternative loading regions.