Just 77 ships have crossed so far in March, compared to 1,229 during the same period last year, according to Lloyd’s List Intelligence.
Most vessels making the passage belong to sanction-evading “shadow fleets,” often linked to Russia and Iran, using aging ships with opaque ownership and limited insurance.
Iran’s IRGC has effectively tightened control over the strait — a route carrying about 20% of the world’s oil supply. Since March 1, at least 20 commercial vessels have reported attacks or incidents in the area.