A shipping intermediary says some oil tankers and other vessels are using the Red Sea instead of passing through the Strait of Hormuz amid a de facto closure of the strait due to the Iran conflict.
The Tokyo-based firm, Atlas, surveys shipping companies inside and outside Japan to compile navigation data.
The firm says there have been cases since about two weeks ago in which foreign-flagged tankers take the alternative route of navigating through the Red Sea after receiving crude oil and other cargoes at the port of Yanbu on the western side of Saudi Arabia.
Some shipping companies are believed to be taking risks by choosing the Red Sea as shipping fares have doubled or tripled from the normal level amid growing concerns that crude oil transportation will be disrupted.
Japanese shipping companies have been refraining from using the Red Sea and the Gulf of Aden out of security concerns.
The Japanese Shipowners’ Association says it is calling on companies to avoid the waters because of the risk of being attacked by the Houthi anti-government group in Yemen.
Atlas says that in an emergency case, crude oil could be transferred from a foreign tanker to a Japanese vessel at a port or at sea and then transported to Japan. Such a process could have an impact on crude oil supplies and prices.
The firm also says transportation through the Red Sea could become difficult, depending on attacks by the Houthis.
Atlas President Takenaka Yoshinobu said that following the start of the military operation, there have been moves to use the Saudi Arabian port.
He also said he thinks the higher shipping fares may have prompted European and Chinese ship owners to choose the route despite the risks.
Takenaka said ship owners are trying to figure out which port is safe and where crude oil can be loaded onto vessels
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