Only a fraction of the ships that used to cross the Strait of Hormuz before the war are making it through. This scarcity has made the payoff substantial for companies willing to take the risk, or for those with alternative sea routes to ply: Last month, Saudi shipper Bahri reported a sixfold rise in quarterly profit, and today, ADNOC Logistics & Services said its profit quadrupled to $951 million in the second quarter. The danger is real — at least two of its vessels were attacked in July, killing one person and injuring several others.
Higher charter rates and an expanded fleet drove the Abu Dhabi company’s earnings. ADNOC L&S is committing $2.3 billion this year to buy more oil and gas tankers. It has also raised its profit forecast for a third time this year.
