Shipping Interrupted: Tracking the Impact of Disruptions in the Strait of Hormuz in International Shipping News 01/06/2026 Venezuelan dirty petroleum trade volumes surged dramatically in early 2026, ending years of near-flat activity. Using VesselsValue and Oceanbolt data, we can see this sharp rise more clearly as the country’s line hugged close to zero throughout 2022-2025. The spike reflects a significant geopolitical shift. A US-led blockade of sanctioned Tankers servicing Venezuelan crude exports in late 2025 had choked off shadow flows, suppressing volumes to negligible levels. A change in Venezuelan government in early 2026 and the subsequent easing of that blockade created the conditions for a rapid export rebound, with previously accumulated stocks clearing quickly once legitimate trade licences were issued to major traders. With Iranian exports constrained by sanctions and uncertainty around Hormuz limiting Persian Gulf flows, US Gulf Coast refiners, configured to handle heavy sour crude, have had a clear incentive to turn to Venezuela as an alternative supply source, adding further momentum to the rebound. Notably, the US has reclaimed its position as the primary individual destination for Venezuelan crude, displacing China, which had been the dominant buyer throughout the sanctions period. The recovery is visible not just in trade volumes but in the dark fleet data. Venezuelan-owned vessels account for just 20 of the 831 total dark fleet Tankers tracked, a relatively modest figure that points to Venezuelan crude increasingly moving through compliant channels rather than shadow operators as the sanctions environment normalised. Hormuz Closure Slows Down the Dry Bulk Fleet Despite the macroeconomic uncertainty stemming from the conflict in the Strait of Hormuz, the dry bulk sector has benefited from the upheaval. Dry bulk freight rates have surged to levels not seen for this time of year in recent history. The culprit, paradoxically, are the rising fuel pr