Summary
Period: 28 February – 4 March 2026
Vessel Activity in the Strait of Hormuz
Prior to the escalation of the Iran conflict, maritime exposure in the Strait of Hormuz was significant. On 28 February, a total of 89 non-sanctioned vessels (>1000 GT) with a combined market value of approximately $3.34 billion were present in the Strait. The majority of this value was concentrated in tankers, including crude oil tankers ($1.16B), LNG tankers ($541M), LPG tankers ($236M), along with container ships and bulk carriers.
Following the conflict escalation, traffic dropped sharply. By 1 March, vessel numbers had fallen to 13 vessels valued at $221.8M, and by 4 March only a single vessel ($12.9M) remained. Bulk carriers were the only vessel type consistently present during this period, while most tankers and container ships withdrew from the Strait entirely.
Overall, vessel numbers fell by almost 99% and asset value declined by over 99.6% within five days, indicating a rapid diversion of commercial traffic away from the Strait due to heightened security and insurance risks.
Exposure Inside vs Outside the Persian Gulf (3 March 2026)
Despite the reduction in traffic within the Strait itself, significant maritime exposure remained within the wider Persian Gulf region.
- Inside the Persian Gulf:
- 726 vessels
- Total market value: $21.28 billion
- Outside the Strait of Hormuz:
- 306 vessels
- Total market value: $5.47 billion
The largest concentrations of value were in oil and chemical tankers ($8.09B), followed by LNG/LPG carriers ($4.14B) and bulk carriers ($2.91B). Container ships and general cargo vessels also represented substantial commercial value.
Key Insight
While transit through the Strait of Hormuz declined dramatically after the conflict escalation, a large concentration of high-value vessels remained inside the Persian Gulf, highlighting the ongoing exposure of global energy and commercial shipping to geopolitical risk in the region
