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Shadow Fleet Accounts For Majority Of Strait Of Hormuz Transits

Strategic Transits Under Siege

A tanker operated by Greece-based Dynacom Tankers Management exited the Middle East Gulf through the Strait of Hormuz, highlighting limited activity among conventional oil carriers in the region. Transit volumes remain low as geopolitical tensions continue to affect shipping flows through one of the world’s key energy routes.

Mainstream Vs. Shadow Fleet Dynamics

Data from Lloyd’s List Intelligence show that the Malta-flagged suezmax Marathi arrived in India’s Gulf of Kutch on March 26. The vessel had previously transited the strait on February 28 and loaded 1 million barrels of crude from Ras Tanura. Marathi became the 10th non-shadow fleet tanker to exit the strait since March 8, indicating reduced activity among traditional operators.

Control And Revenue Through The ‘Tehran Toll Booth’

Shipping data indicate that part of the traffic is being routed near Iranian-controlled waters around Larak Island. Industry sources describe this route as increasingly influenced by the Islamic Revolutionary Guard Corps. Reports suggest some operators have faced pressure to comply with local conditions, including financial demands, although details vary across sources.

Dynacom’s Navigation Through Uncertain Waters

George Prokopiou said the transit was completed without payment and credited the crew’s actions. Another Dynacom vessel, Pola, has also completed passages through the area, reflecting continued operations despite elevated risks.

Broader Implications For Global Energy Supply

Around 20% of global oil shipments pass through the Strait of Hormuz, making disruptions in the area significant for energy markets. Some vessels have reduced tracking visibility or adjusted routes, while activity linked to non-traditional fleets has increased.

Conclusion

Ongoing tensions in the region continue to affect shipping through key maritime routes. Activity by conventional tanker operators remains limited, while alternative fleets play a larger role in current transit flows. These conditions introduce operational risks and uncertainty for energy transport. Market participants continue to monitor developments that may affect supply flows and pricing.

Cyprus Expects More French Visitors In 2027 As Air Capacity Expands

Cyprus expects more French visitors in 2027 as airlines increase capacity between the two countries, Tourism Deputy Minister Kostas Koumis said after meetings with tour operators in Paris.

France, one of Cyprus’ key tourism markets, has had a difficult 2026. French arrivals fell 46% year over year to 8,453 in August, from 15,663 a year earlier, according to the Statistical Service of Cyprus (Cystat). August arrivals were also nearly 50% below the 16,798 recorded in the same month of 2024.

Overall, Cyprus received 2.82 million tourist arrivals between January and August, down 7% from the same period in 2025.

Air Connectivity Supports 2027 Outlook

Koumis discussed the 2027 outlook with senior executives from tour operators offering Cyprus holidays during the IFTM Top Resa travel trade fair in Paris.

Higher air capacity between France and Cyprus was a key focus of the talks. Participants also discussed the impact of geopolitical tensions in the Middle East on the French market and Cyprus’ efforts to adapt its tourism offering to French travelers.

“The French market is undoubtedly an extremely important market for our country’s tourism,” Koumis said, adding that France had regained importance only a few years ago and still had room to grow.

Improved air connectivity will be an important factor in that expansion, according to Koumis. “It is now clear that air connectivity between France and Cyprus is improving significantly, which is a basic prerequisite for the further growth of the market,” he said.

Cyprus Promotes Tourism And Regional Cooperation

Koumis attended the opening of IFTM Top Resa at the invitation of French Tourism Minister Serge Papin, who later visited the Cyprus stand. Held from Sept. 15 to 17 at Paris Porte de Versailles, the event brought together more than 32,000 tourism professionals representing 177 destinations and 1,650 brands, according to organizers.

During his visit, Koumis also met Egyptian Tourism Minister Sherif Fathy. Cyprus and Egypt reaffirmed their tourism cooperation and discussed opportunities to strengthen ties further.

French media interviews covered Cyprus’ tourism offering, infrastructure and services, along with efforts to develop specialized tourism products. Regional instability weighed on arrivals in 2026, particularly during the spring, although the decline narrowed over the summer.

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