A second Korean vessel has successfully transported crude oil through the Red Sea following the closure of the Strait of Hormuz, easing concerns over domestic crude supply disruptions.
The Ministry of Oceans and Fisheries said Friday that as of 10 a.m., a Korean vessel had safely passed through the Red Sea and is currently transporting crude oil to Korea. The ministry had earlier announced that on Dec. 17, a Korean vessel loaded crude oil at Saudi Arabia's Yanbu Port and began shipping it to Korea via the Red Sea — the first such case since the closure of the Strait of Hormuz.
The shipment demonstrates that the Red Sea detour route is functioning as a viable alternative at a time when the Strait of Hormuz, a key crude oil transport artery, has been blocked by the fallout from the Middle East war. The government and industry had previously pursued a plan to move crude oil produced in eastern Saudi Arabia via pipeline to the western port of Yanbu, and from there to Korea through the Red Sea.
Within and outside the refining industry, the confirmation of additional shipments via the Red Sea route has led to assessments that the worst-case scenario of a "crude supply cutoff" can be avoided. Still, navigational safety risks remain a variable, as the Red Sea and the Bab el-Mandeb Strait fall within areas of operation for Yemen's Houthi rebels.
The ministry said it supported the safety of the vessel and its crew while transiting the Red Sea by providing round-the-clock real-time monitoring, navigational safety information, and a real-time communication channel among the ministry, the shipping company and the vessel.
The ministry said specific vessel information such as the shipping company, vessel name and charterer cannot be disclosed due to safety threats. "We will continue to do our utmost to stabilize domestic crude oil supply," a ministry official said.
