Egypt's Sidi Kerir Port Sees Surge in Oil Tanker Traffic Amid Houthi Threat

Oil tankers are rerouting to Egypt's Mediterranean port of Sidi Kerir due to threats from Houthi militants, according to ship-tracking data. At least eight very large crude carriers (VLCCs) have signaled the port and are expected to arrive between now and mid-August. This change comes after Saudi Aramco started offering more oil from the Egyptian port following an attack on a vessel in the Red Sea last week.

The Houthi threat has led some insurance providers to restrict coverage for vessels calling at Saudi Arabian ports, making shipowners hesitant to sail there. The export hub at Yanbu in the Red Sea was crucial after the Iran war started, allowing Saudi Arabia to bypass the Strait of Hormuz by piping oil to its west coast for export.

VLCCs from Sinokor Group and other companies are among those bound for Sidi Kerir, with some ships switching their destinations abruptly. The Bidbid, controlled by Asyad Shipping, is set to pick up Saudi crude on Wednesday for delivery to Asia, while others will transport oil via the Suez-Mediterranean Pipeline.