Japanese-linked tankers have begun a cautious return to direct carriage of
Middle East crude for the first time since fighting began in February, though
freight and logistics costs remain elevated. Over the past seven months
risk-averse Japanese refiners and shipowners largely avoided Gulf routes, using
long-distance ship-to-ship transfers off India and Southeast Asia to limit
exposure—increasing seller dependence and forgoing higher freight margins.
Vessel-tracking shows Idemitsu Kosan’s VLCC Idemitsu Maru left the Gulf in April
and arrived in Japan earlier this month with a full cargo of Oman crude loaded
at Mina al Fahal. Shipbrokers say at least two other Japanese-controlled VLCCs
are expected to call Fujairah in the coming days to load crude bound for Japan.
