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A crude oil tanker owned by Bangchak Corporation transited the Strait of Hormuz on Monday following diplomatic coordination between Thailand and Iran, confirming that bilateral passage arrangements can bypass the near total shutdown of the world’s most critical oil chokepoint.
Thai Foreign Minister Sihasak Phuangketkeow confirmed the transit on Tuesday, saying he personally requested safe passage from Iran’s ambassador to Thailand. Iran agreed on the condition that Thailand submit a list of vessel names. A Thai foreign ministry source and Bangchak both confirmed no payment was made to secure the transit.
Corridor collapses under conflict
Traffic through the Strait of Hormuz has fallen by 95 percent since the United States and Israel launched a war on Iran approximately three weeks ago. Bangkok Post The conflict has effectively cut off delivery of about one-fifth of the world’s oil and liquefied natural gas passing through the waterway. The Jakarta Post An estimated 400 vessels are currently waiting outside the Strait, including 150 tankers, 120 bulk carriers, and 130 other ship types. Bangkok Post
Lloyd’s List has reported that Iran’s Islamic Revolutionary Guard Corps is developing a vetting and registration system that could involve transit fees of up to $2 million per vessel, with tolls reportedly requested in Chinese yuan. Only one tanker is so far understood to have made such a payment. Bangkok Post
Thailand pursues diplomatic route
The Bangchak tanker had been anchored in the Persian Gulf since March 11 while carrying crude oil from the Middle East. KAOHOON INTERNATIONAL To secure its clearance, the Thai embassy in Muscat coordinated with Omani authorities alongside Iran’s embassy in Bangkok, according to a Thai foreign ministry source speaking on condition of anonymity.
The vessel is currently crossing the Indian Ocean and is expected to deliver its cargo to Thailand in early April. Thaiger SCG Chemicals holds clearance for a second Thai vessel to follow the same route, Sihasak said.
Second vessel awaits; crew search continues
The bilateral arrangement offers a model for other non-combatant flag states. Iran, India, Pakistan, Iraq, Malaysia, and China are reportedly in direct talks with Tehran to secure transit approvals through Iranian territorial waters within the Strait. Bangkok Post Iranian Foreign Minister Abbas Araghchi stated the waterway is “open, but closed to our enemies.”
The Bangchak transit comes two weeks after a separate Thai-flagged bulk carrier, the Mayuree Naree, owned by Precious Shipping, was struck by a projectile in the Strait, triggering a fire and forcing crew evacuation. Twenty Thai crew members from Precious Shipping have since returned safely to Thailand. Thaiger Three crew members remain missing, and Iranian and Omani authorities are continuing search efforts, the Thai foreign ministry said.
For shippers, insurers, and charterers, the Bangchak case signals that corridor access through Hormuz now functions on a permission basis requiring advance vessel registration, flag state diplomacy, and trilateral coordination with Iran and Oman.
