Hormuz traffic down 33%, Bab al-Mandeb up 18%: Kpler

Maritime traffic through the Strait of Hormuz saw a significant 33% drop on Thursday, with only eight confirmed transits, according to the Kpler monitoring platform. This decrease contrasts with an 18% increase in traffic through Bab al-Mandeb, the gateway to the Red Sea, which recorded 26 transits.

The platform noted that most vessels using Hormuz on Thursday followed Iran's "unilateral navigation scheme." This Iranian-imposed corridor directs commercial ships closer to Iranian territorial waters, deviating from the International Maritime Organization's international route. Shipping companies' uncertainty also contributes to the reduced traffic.

This decline occurs as Iran and Oman are nearing an agreement to establish a new, temporary shipping route through the Strait of Hormuz. This vital waterway previously handled 20% of the world's crude oil before the current geopolitical tensions. The proposed route will partially traverse Iranian and Omani territorial waters under a new management system, replacing the provisional routes currently in place.

Meanwhile, the Bab al-Mandeb strait faces ongoing threats from Yemen's Houthi rebels, who have imposed a maritime blockade on Saudi Arabia. This situation has forced Saudi Arabia to reroute a substantial portion of its crude oil exports through the Red Sea, an alternative that is now becoming increasingly constrained.