A second shipment of crude oil has been carried through the Red Sea, an alternate route, rather than the blocked Strait of Hormuz. Following the first such case last month, the additional transport is expected to ease some concerns over possible disruptions to domestic crude oil supply.

The Ministry of Oceans and Fisheries said that as of 10 a.m. on May 3, a South Korean vessel had safely passed through the Red Sea and is currently transporting crude oil to South Korea. The vessel is a very large crude carrier, or VLCC, and is known to be capable of loading an average of about 2 million barrels of crude oil.

The ministry had previously announced that, following the blockade of the Strait of Hormuz on April 17, a South Korean vessel for the first time loaded crude oil at Yanbu Port in Saudi Arabia and was transporting it to South Korea through the Red Sea. Earlier, the government and industry had been pursuing a plan to move crude oil produced in eastern Saudi Arabia by pipeline to Yanbu Port on the western coast and then bring it into South Korea via the Red Sea.

The Ministry of Oceans and Fisheries said it strengthened safety support while the vessel was sailing in the Red Sea by conducting 24-hour real-time monitoring, providing navigational safety information, and operating a real-time communication system with the shipping company and the vessel. The ministry said it could not disclose specific vessel information such as the shipping company, vessel name, and charterer in consideration of safety threat factors.

The ministry said the additional shipment is expected to partially ease anxiety over crude oil supply and demand. It said it would continue to focus on ensuring the safety of vessels and crew members and maintaining a stable logistics network. A ministry official said, “We will continue to provide the support needed to stabilize domestic crude oil supply and demand.”

Source:Business Korea