On Day 1 of ceasefire, nearly 10 vessel exits have been reported by Rystad Energy, a Norway-based energy research firm, through the Strait of Hormuz. Of these, four are likely “dark” Iranian tankers, two are bulk carriers, and one is a mid-size tanker. “Looking ahead, there is little expectation that flows will normalise in the near term,” says Erik Grundt, Senior Data Analyst at Rystad Energy.

While ship owners and charterers were preparing for a quick exit, they were also looking for more clarity on the terms and conditions for such a transit given the indications that Iran still exercises de-facto control over the strait.