Disruption in the Strait of Hormuz has impacted supplies of Middle Eastern crude and condensate to Asia, but higher imports from the Atlantic Basin and use of ship-to-ship transfer to move barrels have helped offset the shortfall, Vortexa said on Friday.
Atlantic Basin barrels to Asia reached a record high of 9.3 million barrels per day in June as buyers diversified supply sources. This has helped compensate for the loss of Middle Eastern crude and condensate to Asia, which averaged 15 mmbbls/d in 2025.
Asian buyers also took advantage of a recent sanctions waiver period for Russian and Iranian crude on water, the report said.
To push Middle Eastern barrels to Asia, Gulf countries have used ship-to-ship transfers "as vessel owners/operators are unwilling to take the risk of transiting the waterway," Vortexa said.
In July, Asian crude and condensate imports via ship-to-ship from inside the Strait reached a record 2.3 mmbbls/d, the report indicated, accounting for 53% of total imports from the area.
"The rise in STS activities also reflects a new normal, whereby Middle Eastern countries are increasingly using shuttle tankers to transfer crude to end buyers and taking on the transit risk themselves," Vortexa senior market analyst Xavier Tang said.
"However, crude/condensate transits at the Strait of Hormuz have remained lackluster over the past few weeks compared with the peak levels seen in June, reflecting ongoing uncertainty on the road to supply recovery."
The firm also noted that Asian imports from the Red Sea Gulf of Aden averaged 3.1 mmbbls/d in July, or 21% of seaborne crude and condensate imports, as Saudi Arabia rerouted some of its exports to ports on its western coast.
Attacks at the Bab-el-Mandeb Strait have disrupted that transit, resulting in a decline in the 28-day moving average volumes to 4.1 mmbbls/d to 4.3 mmbbls/d in early August from 4.7 mmbbls/d to 4.9 mmbbls/d in late July, "though it remains to be seen whether the trend will continue," Vortexa said.