Ansar Allah website - Report - 24 Rabi' al-Awwal 1448 AH

Lloyd’s List, in an opinion article by its editor-in-chief, Richard Meade, asserts that rising geopolitical risks in the Gulf and the Red Sea have brought about a structural shift in the oil tanker market, with Gulf oil companies moving to intensify tanker purchases in order to secure transportation capacity, strengthen control over their export flows, and circumvent the blockade through smuggling, following the refusal of global shipping companies to renew contracts for transporting Saudi and Gulf oil out of fear of coming under attack as part of the Yemeni sanctions.

Lloyd’s List explains that the escalation of risks has driven tanker prices up significantly, particularly for older vessels capable of operating in high-risk areas, as ownership of an increasing number of assets shifts from more risk-averse owners to government-backed entities willing to tolerate higher levels of geopolitical risk.

The newspaper examines the ongoing transformation in the nature of the market, explaining that oil flows continue through complex smuggling routes designed to reduce risks. However, the tanker market has become increasingly divided between owners willing to sail in dangerous areas and others who prefer to withdraw from them.

It emphasizes that the continuation of this risk aversion could reshape tanker fleet ownership, with national oil companies becoming increasingly dominant in vessel ownership, particularly as they seek to ensure their ability to transport their exports amid a more volatile security and geopolitical environment.

Lloyd’s List concludes that tanker ownership may become increasingly linked to a willingness to bear geopolitical risks, rather than being determined solely by traditional commercial and economic factors, reflecting a deeper transformation in the structure of the oil maritime transportation market.