Shipping in the Strait of Hormuz almost stopped, but the Chinese are trying to negotiate
Due to the war between the USA, Israel, and Iran, shipping in the Strait of Hormuz has almost ceased. About two hundred oil tankers and hundreds of other vessels are stuck in the Strait itself and in the adjacent waters of the Persian and Oman Gulfs.
Illustrative image. Photo: Stringer/Anadolu via Getty Images
Iran warned that any vessel attempting to pass through the strait could become a target. Even those not deterred by this faced a sharp increase in insurance costs. Additionally, GPS navigation and communication in the region are not functioning well.
Normally, more than a hundred vessels pass through the Strait of Hormuz daily, including about forty to fifty oil tankers. However, in the first months of 2026, the flow decreased to several dozens per day, and in the first week of March, when the war began, no more than four vessels passed through the strait per day.
Most of the stranded vessels are anchored in ports or at roadsteads, constantly risking shelling. Several thousand sailors find themselves in this predicament. Attacks on at least nine vessels have been reported, and at least three people have died. Evacuating sailors is very difficult: vessels cannot be left unattended, as many are loaded with oil, which could lead to accidents and spills. Moreover, air traffic in the region has almost completely stopped.
About a quarter of the world's oil supplies pass through this strait. The halt in traffic has already caused oil prices to rise by approximately 20 percent in less than a week. There is a risk of disruption to global supply chains, energy supply problems, and significant losses for the world economy.
As reported by Reuters, China is trying to negotiate with Iran to allow some vessels carrying oil and liquefied natural gas to pass to Chinese ports. China is one of Iran's main trading partners, and therefore almost half of the oil received by China passes precisely through the Strait of Hormuz.
It is reported that one tanker was able to pass overnight after information appeared in the vessel tracking system that it belonged to a Chinese owner. In general, since the beginning of the war, mainly Iranian and Chinese vessels have been crossing the strait.
Some others also managed to pass. For example, at least five tankers of the Greek company Dynacom passed through the strait after disabling their transponders, which transmit vessel location and identification data, writes the Financial Times.
The cost of chartering tankers departing from the Persian Gulf has more than doubled since the start of the war. According to analysts' estimates, a large tanker sailing to China can bring in about half a million dollars in revenue per day, not including the cost of war risk insurance.
Dynacom owner Georgios Prokopiou is one of the largest shipowners in the world. He owns over 150 vessels, with dozens more under construction. He is known for his willingness to take risks. Previously, his company actively transported Russian oil after the start of Russia's full-scale war against Ukraine, formally complying with sanctions but receiving very high fees for its services. Ukrainian authorities accused the company of financially supporting the war.
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