VLCC shipping: Gulf of Oman STS capacity reaches its limits 　VLCC輸送、オマーン湾STSの処理能力が限界に

STS operations tie up tonnage, adding new pressure to VLCC supply and demand

積み替え拠点の分散で船腹拘束、VLCC需給に新たな圧力

　Disruption surrounding the Strait of Hormuz is exposing a new bottleneck in Middle East crude shipping. Attention is shifting from the strait itself to STS (Ship-to-Ship) transfer capacity beyond it.

■The full article covers the following points (approximately 2,000 Japanese characters)

→ Middle East crude shipping is changing amid disruption in the Strait of Hormuz, with Gulf of Oman STS emerging as the next bottleneck

→ Crude transferred by STS outside the Strait of Hormuz exceeds 4.6mn barrels per day, as offshore transfers expand rapidly within just a few months

→ VLCCs face longer periods tied up waiting for STS operations, while the Oman-China VLCC TCE rises above $870,000 per day

→ Changes are also reaching crude shipments bound for Japan, with transfers to VLCCs at locations including Linggi in Malaysia emerging as a practical option

→ A new dynamic is reshaping VLCC supply and demand, shifting the focus from “how many barrels can be transported” to “how many days a vessel is tied up”

(Read the full story in the paid edition, available in English and Japanese. The Japanese article follows the English version.)

VLCC輸送、オマーン湾STSの処理能力が限界に

積み替え拠点の分散で船腹拘束、VLCC需給に新たな圧力

　ホルムズ海峡を巡る混乱が、中東原油輸送の新たなボトルネックを浮かび上がらせている。焦点は海峡そのものから、通過後のSTS（Ship-to-Ship＝洋上積み替え）能力へ移りつつある。

■記事本文では以下の内容を読むことができます（記事全文約2,000文字）

→ ホルムズ海峡の混乱で変わる中東原油輸送、次のボトルネックとして浮上した「オマーン湾STS」

→ ホルムズ海峡外のSTS原油は日量460万バレル超、わずか数カ月で急拡大した洋上積み替え

→ STS待ちでVLCCの拘束時間が長期化、Oman-Chinaの収益指標は日量87万ドル超へ

→ 日本向け原油にも変化、マレーシアのLinggiなどでVLCCへの積み替えが現実の選択肢に

→ 「何バレル運ぶか」から「何日間船を拘束するか」へ、VLCC船腹需給を変える新たな構造

（続きは英語と日本語で書かれた有料版の本文でお読みください。日本語の記事は英文記事に続いて掲載されています）