Greek bulker makes first traceable westbound transit through Strait of Hormuz in over two weeks
A GREECE-OWNED panamax has become the first bulk carrier to transit the Strait of Hormuz with its Automatic Identification System turned on since March 2.
Liberia-flagged, 81,713 dwt Giacometti (IMO: 9615377) is owned by Greek bulker company Oceanbulk Shipping.
The panamax is the first bulk carrier to transit westbound, or into the Middle East Gulf, since Panama-flagged MLS Onyx (IMO: 9373618) on March 5, though that was a so-called “dark transit”, with its AIS turned off.
Two additional bulkers, Panama-flagged, 37,655 dwt Bunun Miracle (IMO: 9867372) and Liberia-flagged, 50,233 dwt Victoria (IMO: 9336828) also transited the strait westbound with their AIS turned on, on March 1 and 2 respectively.
Giacometti had displayed Bandar Imam Khomeini, close to Iran’s border with Iraq, as its destination, but changed that to “cargo food for Iran” at 1033 hrs on March 20.
The bulker rounded Larak Island at 1054 hrs on March 20, following a route similar to the “safe corridor” established by the Iranian Revolutionary Guard Corps, as reported by Lloyd’s List.
Oceanbulk could not be contacted for comment.
At least nine other vessels have transited the strait using this same route close to the Iranian coast and looping around Larak Island, which the IRGC uses to visually confirm vessels transiting the strait.
Two vessels linked to the Indian government and one linked to the Pakistani government were observed taking the unusual route, with reports emerging that both nations are in talks with Tehran to secure safe passage for their vessels, alongside Malaysia and China.
Giacometti will be the first bulker to successfully head into the Middle East Gulf through the Strait of Hormuz in more than two weeks.
According to Lloyd’s List Intelligence data, more than 200 bulkers of more than 25,000 dwt are inside the Middle East Gulf, the vast majority of which are sub-cape sizes.
Star Bulk, which along with Oceanbulk is also run by the Pappas family, has more than 400,000 dwt worth of bulkers inside the MEG. One of its vessels, Star Gwyneth (IMO: 9301031), transited eastbound through the strait just days after it was hit by a projectile 50 nautical miles northwest of Dubai.
While nowhere near as impactful on dry bulk as the oil or gas markets, the de facto closing of the chokepoint is causing concern for some commodity markets, in particular fertiliser.
Middle East Gulf countries are among the world’s key fertiliser producers, with Saudi Arabia, the UAE, Oman and Qatar all ranking in the top 12 global fertiliser exporters.
According to Signal Ocean, more than 200m tonnes of fertiliser was loaded from the MEG in 2025, largely from the UAE, Saudi Arabia and Oman. In total, around 16% of global seaborne fertiliser originates from the MEG.
Fertiliser production cannot be expanded quickly, Allied said, meaning sustained disruption to supply could affect pricing and availability over an extended period.
The majority of the fertiliser loaded in the Middle East Gulf heads to India and China, but Brazil is also a major importer globally and would be acutely affected by price hikes.
The South American nation is also a big exporter for the region too, largely of grains and iron ore, according to data from Signal Ocean. With so few bulkers getting in or out of the region, Brazil could soon find itself exposed on both ends of the supply chain.
Impacting all vessel segments and cargoes is bunker pricing, however. Drewry head of dry bulk research Rahul Sharan said bunker prices had increased 100% on the February 2026 average, using Singapore VLSFO as the benchmark.
In turn, freight rates on the C3 Tubarao-Qingdao route have increased by nearly a quarter on the February average, with bunker costs rising to over 85% of total freight versus under 50% in February, Sharan said.
“While all vessels are exposed to high bunker prices, the widening spread between compliant fuels and high-sulphur fuel oil means scrubber-fitted vessels are better positioned, whereas non-scrubber-fitted vessels face a higher cost burden,” he said.
“Even without additional disruption to cargo flows or vessel availability, sustained strength in bunker prices could push rates higher.
“In essence, this remains an uncertainty-driven market, not a fundamentally-driven one.”
Content Original Link:
" target="_blank">
