Oil tanker arrives in South Korea after passing through the Strait of Hormuz in mid-April
The 1 million-barrel cargo is set to be refined into gasoline, diesel and naphtha, helping ease supply concerns in South Korea.
- On Friday, the Malta-flagged tanker Odessa arrived off South Korea's western port city of Seosan after passing through the Strait of Hormuz in mid-April during ceasefire talks between Iran and the United States.
- South Korea's reliance on Middle Eastern crude through the Strait of Hormuz makes energy security critical; more than 60% of crude and 50% of naphtha imports flowed through this route last year.
- The 1 million barrels aboard represent 35-50% of South Korea's daily crude consumption, while HD Hyundai Oilbank's refinery processes up to 690,000 barrels daily into gasoline, diesel, and naphtha.
- Scheduled to berth at Hyundai Oilbank's offshore mooring facility later Friday, the tanker arrives as South Korea introduced price caps on petroleum products for the first time in decades.
- South Korea is scrambling to secure alternative oil supplies and shipping routes amid prolonged concerns about energy crisis risks stemming from Iran's control of the Strait of Hormuz.
24 Articles
24 Articles
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First Oil Tanker Reaches South Korea Through Hormuz Since War Began
An oil tanker that had passed through the Strait of Hormuz in mid-April arrived on Friday at a port in South Korea, shipping the first crude cargo to the country via Hormuz since the war began. The Malta-flagged Odessa crude oil tanker arrived at Daesan on South Korea’s west coast laden with 1 million barrels of crude. Such volumes of oil are equal to about 35-50% of South Korea’s daily oil consumption. Before the Iran war began, South Korea imp…
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