Chinese state oil tankers quietly changed the game.
COSCO and China Merchants stopped running through Hormuz and Bab al-Mandeb since July. Now they do ship-to-ship transfers at Fujairah and Oman ports instead.
Daily profit on the Oman-China route? ~$110k. Nearly 3x what it was before.
China still gets its crude. The chokepoints just became less relevant. Risk gets priced, routes get redrawn, and the smart money moves first.
COSCO and China Merchants stopped running through Hormuz and Bab al-Mandeb since July. Now they do ship-to-ship transfers at Fujairah and Oman ports instead.
Daily profit on the Oman-China route? ~$110k. Nearly 3x what it was before.
China still gets its crude. The chokepoints just became less relevant. Risk gets priced, routes get redrawn, and the smart money moves first.