Three LNG Tankers Are First To Cross Strait Of Hormuz Since War Started
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Three LNG Tankers Are First To Cross Strait Of Hormuz Since War Started

While a growing number of ships have been traversing the Strait of Hormuz, with Lloyd's List reporting a total of 142 vessels have transited since the start of March, but 67% of that traffic has a direct affiliation with Iran... and the figure rises to 90% when looking at traffic in recent days, as some ships have had to pay fees in yuan or cryptocurrencies before being escorted through the strait...

... one vessel class that has so far failed to make the key crossing are LNG-carrying VLCCs, which are critical to ease the Asian nat gas supply crunch because,  unlike oil, there are no Hormuz alternatives or bypass pipelines to bring LNG/nat gas to gas-starved Asian customers where demand destruction is now rampant. 

But that is about to change: according to Bloomberg, a liquefied natural gas tanker has entered the Strait of Hormuz, and if it successfully navigates the waterway would become the first such vessel to pass through the strait since the start of the war.

The Sohar LNG tanker, which appears not to be loaded with cargo, is moving eastward after changing its destination to the Qalhat LNG export terminal in Oman, according to ship-tracking data. The vessel, which is signaling that it’s an Omani ship, had been circling around the Persian Gulf over the past month, the data show.

LNG ships have avoided the strait since the conflict broke out on Feb. 28, disrupting about a fifth of the world’s supply of the fuel.

According to Bloomberg, which first reported about the crossing, the ship’s manager, recorded as Oman Ship Management on the Equasis database, didn’t immediately respond to calls or an email seeking comment. Its owner, Energy Spring LNG Carrier SA, shares the same contact details as its manager.

More importantly, the Sohar appears to be traversing the southern side of the strait which is unusual because ships have typically taken a northerly route at Tehran’s behest. In other words, it appears that the Omanese ship is making a run for it. 

While the Sohar vessel appears to be empty, the market is closely watching for LNG flows to resume and ease pressure on global prices, as the collapse in supply from the Persian Gulf  - with Qatar's huge Ras Laffan LNG facility damaged and shut-in indefinitely - compounded by outages at Australian facilities due to a cyclone last month, has sent consumers worldwide seeking alternative sources of energy. 

More importantly, the empty LNG tanker is not alone. According to data from Lloyd's List and Hormuz Letter, two other VLCCs, and these are laden with some 4 million barrels of Saudi and Emirati cargo unlike the empty Sohar, are sailing through the Strait of Hormuz, tracking close to the Omani coastline.

All three vessels are indicating they are heading to ports in Oman.

Why does this matter? Well, earlier today, Iran announced the "Oman protocol" which also includes tolls. And now ships are moving, although it wasn't clear if the ships had paid the toll demanded by Iran. 

As The Hormuz Letter notes, "The blockade isn't ending, but is being restructured. Iran is deciding who passes, under what terms, and at what price. This is what controlled access looks like."

Earlier today,  Kazem Gharibabadi, Iran’s deputy foreign minister of legal and international affairs, said the tanker traffic through the key oil-shipping route must be supervised and coordinated: “Of course, these requirements will not mean restrictions, but rather to facilitate and ensure safe passage and provide better services to ships that pass through this route.”

What he really meant is that going forward - all else equal - every ship will have to pay a toll in the millions, either in yuan or crypto. 

Tyler Durden Thu, 04/02/2026 - 14:00
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Tankers Seized By US Carried 20 Million Barrels Of Iranian Crude To China
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Tankers Seized By US Carried 20 Million Barrels Of Iranian Crude To China

Nine tankers seized by the US since it began taking direct action against the so-called shadow fleet that transport illicit oil around the world have delivered more than 20 million barrels of Iranian crude to China since 2013, according to the WSJ. The figures form part of a new report that provides an insight into the level of support China has given Iran by buying its sanctioned oil.

Between 2013 and 2025, these nine vessels delivered 20.3 million barrels of Iranian crude to Chinese ports, the report said, citing data from Kpler. The vessels also carried 37.9 million barrels of Venezuelan crude and 11.1 million barrels of Russian crude to Chinese ports.

U.S. forces taking control of an oil tanker in the Indian Ocean

Altogether, that crude is worth at least $4 billion, according to the report, which is set to be released soon by Republicans on the House Select Committee on China, and seen by The Wall Street Journal.

To be sure, the amount from the seized vessels represents just a small fraction of the oil China has imported from Iran, a process which has accelerated since the Iran was started, lifting Iran's output to the highest in years.

Still, it underscores how China has been a major user of the shadow fleet, bankrolling Iran, as well as Venezuela and Russia. In 2025, China received a third of the crude oil carried by shadow and sanctioned tankers and 10% of heavy refined products such as fuel oil and crude residuals, the report said, citing Kpler data.

Shadow fleet vessels carrying sanctioned cargo have also used China’s BeiDou satellite navigation in an effort to operate outside Western oversight, the report said. BeiDou is Beijing’s answer to the U.S. Global Positioning System, or GPS, and offers positioning, navigation and timing data globally. China’s Foreign Ministry didn’t respond to a request for comment.

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US Firm Takes Control Of One Of The "World's Largest" Cobalt Producers
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US Firm Takes Control Of One Of The "World's Largest" Cobalt Producers

An American company has secured control of one of the largest cobalt producers outside Chinese ownership, delivering a strategic boost to U.S. efforts to compete with Beijing over critical minerals, according to the Wall Street Journal.

The buyer, Virtus Minerals, completed its acquisition of Congo-based Chemaf for $30 million, along with a pledge to invest roughly $720 million. The deal caps a years-long push, spanning both the Biden and Trump administrations, to ensure U.S. access to cobalt resources in the Democratic Republic of Congo.

Chemaf’s mines can supply about 5% of global cobalt output—a key material used in fighter jets, smartphones, and electric vehicle batteries. Virtus says future production will be directed toward American and allied buyers.

Despite its value, Chemaf proved difficult to sell. U.S. companies were wary of its heavy debt—around $1 billion—along with reputational concerns and the challenges of operating in Congo, including weak infrastructure, corruption risks, and labor issues.

The company has a controversial history. Its Mutoshi mine has faced repeated problems with unsafe working conditions and incursions by informal miners. In earlier years, child labor and bribery allegations also surfaced. Although some reforms were attempted, informal and hazardous mining has since returned.

WSJ writes that Virtus itself is a small, eight-person firm founded in 2022 by Phil Braun, a former Green Beret, and Andrew Powch, a Naval Academy and Harvard Business School graduate. Backed by U.S. government support, the company positions the deal as part of a broader national security effort to rebuild supply chains.

Financing for the acquisition includes $200 million from Virtus and its operating partner, India’s Lloyds Metals and Energy, along with $475 million from Orion Resource Partners and additional funding. The firm has also reached an agreement with Trafigura, Chemaf’s largest creditor.

Chemaf was put up for sale after cobalt prices fell sharply in 2023. Significant additional investment—estimated at up to $300 million—is still required to upgrade facilities and increase production capacity.

The deal faced competition from China. In 2024, Chemaf had agreed to sell to Norin Mining, a subsidiary of a Chinese state-owned defense company, for $920 million. That agreement collapsed after failing to gain approval from Congolese authorities, opening the door for Virtus.

The acquisition highlights the broader geopolitical contest over Congo’s vast mineral wealth. The country produces nearly three-quarters of the world’s cobalt, and Chinese firms have already invested heavily in its mining sector.

Still, questions remain about whether Virtus can successfully operate the assets. The company has a previous investment in Congo that remains stalled due to a legal dispute, and its partner’s experience is largely outside cobalt. Even so, Lloyds expects to begin work soon and complete upgrades within about a year.

*  *  * Only 2 more in stock

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In Revolutionary Statement, Fidel Castro's Grandson Embraces "Capitalism With Sovereignty"
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In Revolutionary Statement, Fidel Castro's Grandson Embraces "Capitalism With Sovereignty"

What is awkward for Democrats and their left-wing activist network of politicians and dark-money funded nonprofits is that the latest CNN interview with Fidel Castro's grandson shattered years of left-wing America's weird obsession with Cuban communism. 

Sandro Castro told CNN's Patrick Oppmann that he would welcome a deal with President Trump and said many on the island want "capitalism with sovereignty," a remarkable admission from deep inside the Castro family that Cuba's failed economic model is no longer the pathway for the Carribean island nation suffering from decades of economic collapse, and more recently, a completely collapsed power grid.

Oppmann asked Castro: "And what would your grandfather, Fidel Castro, say if he knew that you're more capitalist than communist?" 

Castro responded: "My grandfather was a person who had his principles like everyone else. But as well he respected others' opinions. That's my way of thinking." 

Oppmann asked: "But all the capitalists left Cuba." 

Castro responded: "There are many people in Cuba that think in a capitalistic way. There are many people who want to do capitalism with sovereignty. I think the majority of Cubans want to be capitalist, not communist." 

We have detailed at length that the Democratic Socialists of America politicians in Washington and left-wing NGOs funded by billionaire foundations have a weird obsession with defending communism and visiting Cuba. 

Just last week, the head of a U.S. left-wing nonprofit, reportedly linked to a Marxist propaganda network connected to a China-based billionaire, organized a trip of unhinged white liberals to the island to champion communism.

Yet even Fidel's own grandson is now embracing an economic transition from communism to capitalism, something the Trump administration is trying to orchestrate, while America's own Democratic Party and left-wing NGOs have yet to read the tea leaves around the world that far-left regimes and communism have fallen - just look at South America.

Meanwhile, Democrats last week in America at No Kings: Communism. 

Seems like Fidel's own grandson wants food, electricity, and internet. Only possible with capitalism. 

* * * 

ReadyWise Spring Sale - Ends April 10th

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Two Chinese Container Ships That Were Previously Turned Back By Iran, Now Allowed To Transit Hormuz Strait
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Two Chinese Container Ships That Were Previously Turned Back By Iran, Now Allowed To Transit Hormuz Strait

On Friday we reported that there was a moment of surprise among vessel trackers, when Iran unexpectedly blocked two container ships owned by China's Cosco from transiting the Strait of Hormuz.

Two days later, this misunderstanding appears to have been resolved, and on Monday Bloomberg reported that the same two container ships linked to China’s state-owned Cosco Shipping exited the Persian Gulf through the Strait of Hormuz, the first such vessels operated by a major Beijing-backed company to navigate the waterway since the Middle East war broke out.

After aborting an initial transit attempt on Friday, COSCO’s ultra-large container vessels - CSCL Indian Ocean and CSCL Arctic Ocean - have successfully crossed the Strait of Hormuz after beginning their journey eastward from within the Persian Gulf on Monday morning, signalling a potential shift in conditions for commercial shipping.

The ships started their almost 12-hour-long journeys from waters off Dubai. They took a route near Iran’s Larak and Qeshm islands at the narrow opening of the strait, before sailing into waters of the Gulf of Oman.

The ships don’t appear to be carrying any cargo aside from empty container boxes, according to draft readings of how low they sit in the water. They are listed as part of Cosco Shipping Lines’ fleet, which is a subsidiary of Cosco Shipping Corp. Both vessels are currently bound for Port Klang, Malaysia, as they continue their voyage on COSCO’s MEX service, linking the Middle East with the Far East.

The global shipping market has been keenly watching the journeys of these two Cosco ships for signs of how China plans to extract its vessels from the gulf, as it seeks to stem a deepening energy crisis and a plunge in China-to-Middle East trade.  

The two vessels, each with the capacity to transport about 19,000 TEUs, were seen taking the same route on Monday. They have been stuck in the Persian Gulf for more than a month since the US and Israel launched the war against Iran.

The successful transit marks the first confirmed crossing by a major container carrier since the start of the conflict.

Cosco Shipping is one of the world’s largest shipowners, with massive containership and tanker fleets operated by its subsidies. Aside from the container ships, Cosco also has at least six crude tankers stuck inside the Gulf since the war began, according to ship-tracking data.

In an early sign of a resumption of Hormuz transits, Cosco Shipping Lines last week informed customers that it would be recommencing bookings for general cargo containers from east Asia to the Middle East, including some located in the gulf. The company owns and operates 453 container ships that have a total capacity of about 2.5 million twenty-foot equivalent containers, or TEUs, as at end January.

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