South Korean Oil Tanker Takes Red Sea Detour

Oil tanker that arrived in South Korea via the Red Sea in May (provided by Yonhap News Agency)  Amid the Iran war and the closure of the Strait of Hormuz, a 19th South Korean oil tanker is transporting crude oil to South Korea via a Red Sea detour. The Ministry of Oceans and Fisheries announced that as of 10 a.m. on Oct. 20, one South Korean vessel had loaded crude oil at Yanbu Port in Saudi Arabia and was heading to South Korea after passing through the Suez Canal. This shipment is the 19th case of crude transport via the Red Sea since the blockade of the Strait of Hormuz began at the end of February. South Korean oil tankers had originally, from April, loaded crude at Yanbu Port on the Red Sea and entered South Korea via the southern Bab el-Mandeb Strait. However, as military clashes between Saudi Arabia and the pro-Iran Houthi rebels increased the danger in that strait, they changed their sailing route from mid-August. The vessel currently in operation chose to pass through the northern Suez Canal instead of the southern Bab el-Mandeb Strait, which is considered a risk area. Using this route significantly lengthens the voyage compared with before, because ships must cross the Mediterranean Sea and sail around the southern tip of Africa. As the distance increases, logistics costs borne by shipping companies and cargo owners also rise. The Ministry of Oceans and Fisheries made clear that the route decision was made according to the autonomous judgment of the shipping company and the cargo owner. In effect, they chose the detour while accepting the higher cost burden in order to prioritize safety. As the closure of the Strait of Hormuz becomes prolonged, detour shipments to secure domestic energy supply are expected to continue for the time being. So far, a total of 19 South Korean vessels have transported crude oil through the Red Sea. The government said it is continuously monitoring the safe operation of vessels and managing the situation to prevent disruptions in crude oil supply.