The government and the refining industry are bracing for a worsening supply situation, viewing the vessel as the last shipment to clear the strait before the blockade took effect.
According to industry sources, the tanker Eagle Vellore arrived at the Port of Daesan in Seosan, South Chungcheong Province, between 5 p.m. and 7 p.m. on Friday.
The Malaysia-flagged very large crude carrier (VLCC) departed from Iraq’s southern port of Al-Basra in late February, carrying crude oil for HD Hyundai Oilbank, and managed to escape the Strait of Hormuz just before Iran imposed its blockade.
The vessel left Al-Basra on Feb. 26 and was transiting the strait two days later, when U.S. and Israeli airstrikes on Iran took place.
Despite warnings from Iran’s Islamic Revolutionary Guard Corps that passage through the strait would not be allowed, the crew accelerated to full speed and managed to exit the waterway shortly before it was effectively sealed off.
With the strait now closed, the Eagle Vellore is believed to be the last crude carrier to have passed through the route.
The tanker is carrying about 2 million barrels of crude oil, roughly equivalent to South Korea’s daily oil consumption.
The shipment, contracted by HD Hyundai Oilbank, will be unloaded and stored in tanks before being refined at the Daesan petrochemical complex.
With around 70 percent of South Korea’s crude imports passing through the Strait of Hormuz, prolonged disruption is expected to significantly affect supply.
Domestic refiners are already facing a near halt in tanker arrivals from April, leaving them little choice but to rely on existing inventories for the time being.
The government has secured 24 million barrels of crude oil from the United Arab Emirates, but it is expected to take considerable time before the shipments arrive in Korea.
In response, Seoul is also exploring the possibility of resuming imports of Russian crude oil for the first time in nearly four years since April 2022.
The government is additionally weighing the release of 22.46 million barrels of strategic reserves in coordination with the International Energy Agency, though it remains cautious about taking that step.
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