Saudi-owned supertankers are once again starting to cluster off the coast of Egypt, after earlier signs this week that the backlog was clearing-up.
The number of supertankers anchored near the Egyptian port of Ain Sukhna – which sits at the southern end of a pipeline linking the Red Sea to the Mediterranean – grew to eight. At its peak, ten vessels were stationed off Egypt’s coast.
Six of the tankers, holding about 12 million barrels, are Saudi-owned and loaded at the kingdom’s Red Sea port in Yanbu. The earliest tanker to arrive in the group has been floating for 20 days now.
The other two Chinese-owned vessels, also carrying Saudi crude, have been waiting offshore for more than 50 days.
Two fully laden Chinese oil tankers are waiting near the Strait of Hormuz with a third on its way, putting them in a position to become the first such vessels to leave the Persian Gulf under a day-old US-Iran ceasefire, even as shipowners scrutinize the details of the truce.
President Donald Trump said Tuesday he has directed the U.S. government to provide political risk insurance and financial guarantees for maritime trade transiting the Persian Gulf, while signaling that U.S....
A shipowner’s once-in-a-generation wager on oil tankers has made it so powerful that it controls an overwhelming majority of supertankers that can collect American oil next month.
February 26, 2026
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