Bull, Bear & Beyond – Vantage: Shipping through the storm – how Hormuz is reshaping the tanker market

In this Vantage interview, Neil Shah sits down with Henry Curra, global head of tanker research at Braemar, to explore how recent geopolitical tensions surrounding Iran and the Strait of Hormuz have transformed global shipping markets. Henry explains Braemar’s role at the centre of commodity transportation and outlines how tanker freight rates are driven not just by oil volumes, but by vessel availability, trade routes and ‘ton-mile’ demand. He contends that shipping has increasingly become a geopolitical weapon since 2022, with disruptions in key trade corridors creating inefficiencies that have supported stronger freight markets. The discussion also examines the reality behind media headlines, the effect of risk premiums and why some shipowners are beginning to return to the Middle East despite ongoing uncertainty.

Henry also unpacks the concept of the ‘urgency premium’ in freight markets, highlighting how fear of supply disruption led buyers to pay substantially higher shipping rates during the height of the Hormuz crisis. He discusses which vessel classes have emerged as winners and losers, why Very Large Crude Carriers and Long Range 2 tankers could benefit from a reopening of regional trade flows and how countries are reassessing energy security in response to recent events. From building strategic petroleum reserves and diversifying crude supply sources to investing in new pipeline infrastructure that bypasses the Strait of Hormuz, the interview offers a detailed look at how governments, energy companies and shipowners are adapting to a more fragmented and security-conscious energy landscape. Watch the full interview now.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.