Aected by where oil is produced and consumed, there are
currently eight major shipping lanes for crude oil:
Conduit 1 Strait of Hormuz
The Strait of Hormuz, where Iran and Oman share territorial rights,
is the world’s most strategically important chokepoint, and is also
considered a vital sea route for oil seaborne trade. A signicant
portion of oil from Saudi Arabia, the United Arab Emirates, Qatar,
Iran, and Iraq is shipped to international buyers, mostly to Asia
through the strait.
The Strait of Hormuz is deep and wide enough to handle the
world’s largest crude tankers.
As the Strait of Hormuz has been a strategic chokepoint for many
years, it has often been the site of conict and there have been
many threats by neighboring countries to close it.
Conduit 2 Strait of Malacca
The Strait of Malacca is the shortest waterway connecting
the Indian Ocean, the South China Sea and the Pacic Ocean.
Singapore, Malaysia, and Indonesia share the territorial right of
the strait. Most of the Middle Eastern crude shipped through this
passage is headed to China, Japan, and Indonesia. This strait is also
vital oil sea route for Japan.
In contrast to the Strait of Hormuz, the Malacca Strait is one of the
narrowest sea routes in the world with only 1.7 miles wide at its
narrowest point, creating a natural bottleneck for shipping.
Conduit 3 Cape of Good Hope
Although not a chokepoint, the Cape of Good Hope, located on
the southern tip of South Africa, is a major trade route for Asia?bound West African crude.
The Cape of Good Hope is an alternate sea route for vessels
traveling westward that need to bypass the Suez Canal or Bab el?Mandeb when they are closed. However, diversion around the
Cape of Good Hope incurs signicantly higher transport cost and
shipping time. For shipments from Saudi Arabia to the United
States, this route around adds 2,700 miles to transit distance.
Conduit 4 Bab el-Mandeb
Bab el-Mandeb Connects the Red Sea and the Gulf of Aden and is
the strategic link between the Mediterranean Sea and the Indian
Ocean. It is only 18 miles wide at its narrowest point. Closure of the
Bab el-Mandeb could keep tankers originating in the Persian Gulf
from reaching the Suez Canal, diverting them around the southern
tip of Africa, which would add to transit time and cost.
According to the US Energy Information Administration (EIA), most
exports from the Persian Gulf that transit the Suez Canal also pass
through Bab el-Mandeb, so closure of the strait would lead to
serious consequences.
Conduit 5 Danish Straits
The Danish straits connect the Baltic Sea to the North Sea and are
among the most secure crude oil shipping routes in the world.
The Danish Straights also carry a relatively small portion of oil from
Norway and the United Kingdom eastward to the Scandinavian
markets. This means if Russia ever shut down the Danish Straits, it
would also be cutting oits own oil export route to Europe.
Conduit 6 Suez Canal
The Suez Canal passes through Egypt and the Isthmus of Suez and
connects the Red Sea to the Mediterranean. Most of the oil passing
through the canal is sold to markets in Europe and North America.
According to the EIA, the Suez Canal was expanded in 2010 to
allow 60% of the world’s tankers to pass through more eectively.
The fall of President Hosni Mubarak in Egypt in 2011 and the
resulting unrest did little to deter international shipping through
the canal, but security of this vital link remains a primary concern.
Conduit 7 Bosphorus Strait
The Bosphorus Strait is a narrow stretch of water connecting
the Black Sea to the Mediterranean. It splits Istanbul’s Asian and
European halves. Only half a mile wide at the narrowest point, the
strait is among the world’s most dicult waterways to navigate
and an average of about 48,000 ships pass transit the strait each
year.
According to the EIA, Russia has been shifting its oil exports away
from the Black Sea and toward the Baltic Ports, while Azerbaijan
and Kazakhstan have increased shipping through the Bosphorus
Strait.
Conduit 8 Panama Canal
The Panama Canal connects the Pacic Ocean with the Caribbean
Sea and the Atlantic Ocean. The utility of the Panama Canal has
waned in the years since it was built. The narrowest point of the
canal was only 110-feet wide, forcing larger supertankers to avoid
the canal entirely. With an expansion program of Panama Canal
completed on Jun. 26, 2016, it now allows larger ships to transit
the canal.
声明:本资料仅用于投资者教育,不构成任何投资建议。我们力求本资料信息准确可靠,但对这些信息的准确性、完整性或及时性不作保证,亦不对因使用该等信息而引发的损失承担任何责任,投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策。基金有风险,投资须谨慎。