The freight rates for oil tankers shipping Saudi crude oil from the Red Sea have dropped significantly.

Shipping rates for tankers transporting Saudi crude from Yanbu Port in the Red Sea to Asia have fallen sharply from highs earlier in the month, as more vessels are turning toward the Saudi export terminals along this route that bypasses the Strait of Hormuz.

According to broker reports cited by Bloomberg and people familiar with the relevant deals, tanker freight on the Yanbu-to-Asia route has plunged from a peak in early March of more than $450,000 per day to about $200,000 per day under a contract rate for a supertanker built in 2011 that applies this week Monday.

With the Persian Gulf-to-Asia route for most crude oil (especially Saudi-origin crude) effectively shut down, Yanbu Port has become the preferred hub in the Middle East for keeping active in the trade of shipping Saudi crude to its key export destinations in Asia.

Because commercial volumes through the Strait of Hormuz remain at nearly stalled levels, Saudi Arabia is accelerating the shift of transport away from the Strait of Hormuz to the Red Sea.

In a report on Monday, maritime intelligence firm Windward said: “Iran continues a controlled transit pattern through the Strait of Hormuz, managed by corridors under the Islamic Revolutionary Guard Corps, allowing selective passage depending on the type of cargo and destination.”

With the Strait of Hormuz open only at the discretion of the Islamic Revolutionary Guard Corps, Saudi Arabia is redirecting as much crude oil export as possible to Red Sea routes.

Windward cited Vortexa’s vessel tracking data, saying that in the week from March 15 to 21, Yanbu Port loaded about 22.9 million barrels of crude oil, up 20% from the prior week.

Windward said: “This acceleration strengthens Saudi Arabia’s strategic focus on Red Sea export routes, to reduce reliance on the Gulf shipping corridors.”

Despite shifting to Yanbu Port, Saudi Arabia still cannot fully make up for all supply losses that occurred during the pre-war period when shipping through the Strait of Hormuz was used.

According to reports, Saudi oil major Aramco has notified its Asia-based routine supply customers that in April they will receive only their flagship grade loaded at the Red Sea Yanbu export port—Arab Light crude oil.

Based on Kpler data, so far in March, Aramco has exported about 4.355 million barrels per day of crude oil. This is far below the 7.10 million barrels per day export volume in February before the Strait of Hormuz was effectively closed.

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