WTI: Hope Is Not a Strategy

Posted on: 15 June, 2026

Japan’s response to Hormuz tells us more than any political statement ever could. Trust has been lost, and refinery purchasing behaviour suggests it may not be coming back anytime soon.

There has been no better metric for the fallout from the closure of Hormuz than Japan.

The same will be the case for the return of trust around relying on it once more.

June

Arrival	Vessel	Qty	CGO	Laydays	Load Port	Rate	Charterer
Discharged	CASPAR	2.0MB	L.SWEET	30-02/04	U.S Gulf	COA	UNIPEC
Discharged	IMOLA	1.0MB	L.SWEET	07-08/04	U.S Gulf	14.0M	ENEOS
Discharged	ECO OCEANO CA	1.0MB	L.SWEET	07-09/04	U.S Gulf	RNR	ENEOS
Discharged	FRONT SIENA	1.0MB	L.SWEET	15-17/04	U.S Gulf	RNR	ENEOS
Discharged	NEW ENTERPRISE	2.0MB	M.SOUR	16-18/05	East Hormuz	COA	UNIPEC
Discharged	KISOGAWA	2.0MB	M.SOUR	20-22/05	Linggi	O/P	IDEMITSU
Discharged	ORBITER	2.0MB	M.SOUR	21-23/05	East Hormuz	RNR	TOTAL
Discharged	ENEOS GLORY	2.0MB	M.SOUR	22-24/05	Linggi	O/P	ENEOS
Discharged	ENEOS OCEAN	2.0MB	M.SOUR	02-04/06	Linggi	O/P	ENEOS
Anchor	NEW COURAGE	2.0MB	L.SWEET	16-18/04	U.S Gulf	COA	UNIPEC
Anchor	NEW EXPLORER	2.0MB	M.SOUR	13-15/05	East Hormuz	COA	UNIPEC
17 June	QAMRAN	2.0MB	M.SOUR	19-21/05	Yanbu	O/P	ARAMCO
17 June	BRIGHT HORIZON	2.0MB	M.SOUR	01-03/06	Linggi	O/P	ENEOS
18 June	LAWHAH	2.0MB	L.SWEET	11-13/04	U.S Gulf	O/P	ARAMCO
18 June	WEST LOYALTY	2.0MB	L.SWEET	19-21/04	U.S Gulf	COA	UNIPEC
19 June	NEW HONOR	1.0MB	L.SWEET	21-23/04	U.S Gulf	COA	UNIPEC
19 June	PHOENIX JAMNAGAR	2.0MB	L.SWEET	16-18/04	U.S Gulf	O/P	RELIANCE
19 June	NEW PEARL	2.0MB	M.SOUR	27-29/05	East Hormuz	COA	UNIPEC
20 June	KAZUSA	2.0MB	M.SOUR	27-29/05	Linggi	O/P	ENEOS
21 June	BRIGHT CREST	2.0MB	M.SOUR	10-12/06	Linggi	O/P	ENEOS
22 June	TAGA	2.0MB	L.SWEET	26-28/04	U.S Gulf	O/P	ENEOS
23 June	MARAN ARIADNE	2.0MB	M.SOUR	26-28/05	Yanbu	RNR	ARAMCO
23 June	SEA MAJESTY	2.0MB	L.SWEET	28-30/04	U.S Gulf	21.85M	ENEOS
23 June	TOWA MARU	2.0MB	L.SWEET	29-30/04	U.S Gulf	O/P	IDEMITSU
23 June	HORAISAN	2.0MB	L.SWEET	30-02/05	U.S Gulf	O/P	IDEMITSU
26 June	MARAN MARS	2.0MB	M.SOUR	04-06/06	East Hormuz	O/P	ARAMCO
27 June	NISSOS KYTHNOS	2.0MB	M.SOUR	04-06/06	East Hormuz	RNR	ADNOC
27 June	NISSOS NIKOURIA	2.0MB	M.SOUR	06-08/06	East Hormuz	RNR	ADNOC
28 June	RAWAQ	2.0MB	M.SOUR	01-03/06	Yanbu	O/P	ARAMCO

July

Arrival	Vessel	Qty	CGO	Laydays	Load Port	Rate	Charterer
01 July	SAMHA	2.0MB	M.SOUR	03-05/06	Yanbu	O/P	ARAMCO
02 July	TAKAMATSU MARU	2.0MB	M.SOUR	11-13/06	Linggi	O/P	ENEOS
03 July	HE PING HAI	2.0MB	M.SOUR	08-10/06	East Hormuz	COA	UNIPEC
04 July	SEAWAYS TRITON	2.0MB	L.SWEET	09-11/05	U.S Gulf	COA	UNIPEC
06 July	CHOKAISAN	2.0MB	L.SWEET	14-16/05	U.S Gulf	O/P	IDEMITSU
07 July	NEW VISION	2.0MB	L.SWEET	13-15/05	U.S Gulf	COA	UNIPEC
08 July	ATHINA	2.0MB	L.SWEET	09-11/05	U.S Gulf	O/P	GUNVOR
13 July	YUAN FU YANG	2.0MB	L.SWEET	15-17/05	U.S Gulf	COA	UNIPEC
15 July	HELLAS PALIROS	2.0MB	L.SWEET	25-27/05	U.S Gulf	O/P	TRAFIGURA
19 July	BABYLON	2.0MB	L.SWEET	09-13/05	U.S Gulf	23.75M	ENEOS
20 July	FRONT DYNAMIC	2.0MB	L.SWEET	24-26/05	U.S Gulf	RNR	IDEMITSU
21 July	TSUGARU	2.0MB	L.SWEET	20-22/05	U.S Gulf	O/P	FUJI OIL
23 July	TANZAWA	2.0MB	L.SWEET	30-01/06	U.S Gulf	O/P	ENEOS
25 July	DHT LION	2.0MB	L.SWEET	02-04/06	U.S Gulf	18.375M	ENEOS
26 July	HIKOSAN	2.0MB	L.SWEET	21-23/05	U.S Gulf	O/P	ENEOS
28 July	BAYRAQ	2.0MB	L.SWEET	31-02/06	U.S Gulf	O/P	ARAMCO
28 July	RIMTHAN	2.0MB	L.SWEET	01-03/06	U.S Gulf	O/P	ARAMCO

August

Arrival	Vessel	Qty	CGO	Laydays	Load Port	Rate	Charterer
01 August	KASSAB	2.0MB	L.SWEET	03-05/06	U.S Gulf	27.0M	UNIPEC
08 August	TENMA	2.0MB	L.SWEET	03-05/06	U.S Gulf	O/P	FUJI OIL
17 August	EAGLE TRADER	2.0MB	L.SWEET	12-14/06	U.S Gulf	O/P	ENEOS
17 August	KIRISHIMA	2.0MB	L.SWEET	12-14/06	U.S Gulf	COA	ENEOS
17 August	MITAKE	2.0MB	L.SWEET	12-14/06	U.S Gulf	O/P	ENEOS
21 August	KHK EMPRESS	2.0MB	L.SWEET	16-18/06	U.S Gulf	18.08M	ENEOS
23 August	TENRYU	2.0MB	L.SWEET	18-20/06	U.S Gulf	O/P	ENEOS
31 August	ASLAF	2.0MB	L.SWEET	26-28/06	U.S Gulf	O/P	ENEOS

September

Arrival	Vessel	Qty	CGO	Laydays	Load Port	Rate	Charterer
07 Sept	HOU-EI	2.0MB	L.SWEET	03-05/07	U.S Gulf	O/P	ENEOS
09 Sept	TENSHO	2.0MB	L.SWEET	05-07/07	U.S Gulf	COA	ENEOS
10 Sept	TANGO	2.0MB	L.SWEET	06-08/07	U.S Gulf	O/P	IDEMITSU
17 Sept	SUZUKASAN	2.0MB	L.SWEET	13-15/07	U.S Gulf	O/P	IDEMITSU
19 Sept	IDEMITSU MARU	2.0MB	L.SWEET	15-17/07	U.S Gulf	O/P	IDEMITSU
19 Sept	TEDORIGAWA	2.0MB	L.SWEET	15-17/07	U.S Gulf	O/P	ENEOS
27 Sept	SETAGAWA	2.0MB	L.SWEET	23-25/07	U.S Gulf	O/P	IDEMITSU
30 Sept	GEN-EI	2.0MB	L.SWEET	26-28/07	U.S Gulf	O/P	ENEOS

As you can see, Japanese refiners have been getting their hands on Arabian Gulf Medium Sour, but it is confined to the front end of their roster, purchased on what is for all intents and purposes a flat-price basis.

Forward planning, on the other hand, suggests they will likely stay with the Western Hemisphere.

I suspect we will see a huge infrastructure build initiative around bypassing Hormuz by the GCC, Iran and Iraq.

Irrespective of things going back to normal, the trust has been obliterated in it as a usable waterway.

Circling back to Japan for a second.

The WTI effect has now fully permeated through their system.

Gasoline is 5 Yen less per litre at the pump than it was in January.

It would be more pronounced had it not been for the subsidy shield that protected the consumer in March but, in turn, served to insulate refiners when they were flooded with gasoline as they are now.

That, and the Yen hitting near historic lows against the Dollar.

Profit taking from exporting the turnaround has also happened.

The first two 35,000 metric ton cargoes of gasoline have now been exported from Chiba.

Vitol have done both of these with Singapore and Bangladesh discharge options.

USD 735k freight to Singapore for both deals. Bangladesh, had it been reported, was probably circa USD 1.05 million.

Crude: Iraq – “Al-jar qabl al-dar”

20/07/2026

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