For more than seven months, Japanese refiners and shipowners largely avoided the broader Persian Gulf, opting for safer but more complicated routes. Vessels that had been in the vicinity left the zone, some only after months of being stuck. Now there are early signs of a cautious return.
The Idemitsu Maru, a supertanker owned by Idemitsu Kosan Co. that had left the Gulf in April, arrived in Japan earlier this month carrying a full load of Omani crude taken on at Mina Al Fahal in early September. Another Idemitsu-controlled VLCC, the Apollo Energy, recently sailed from Fujairah to Japan with Murban crude, according to Kpler.
While steering clear of higher-risk waters, Japanese buyers leaned on ship-to-ship transfers off India and in Southeast Asia. That meant greater reliance on sellers and fewer chances to capture stronger margins, but it helped safeguard crews, vessels, and cargoes. They are now testing transfers closer to the source. Middle East STS activity started modestly in August and had reached nearly 3.7 million barrels by Oct. 11, coming close to September's roughly 4 million barrels. Before August, none of these players delivered Japan-bound cargoes via STS in the Middle East.
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Shipbrokers say no fewer than two additional VLCCs run by other Japanese firms are due in Fujairah in the next few days to take on crude for Japan. Notably, none of the mentioned vessels has entered the Persian Gulf. Idemitsu said its stance on sending ships through Hormuz is unchanged.
"We will continue to work toward ensuring the stable procurement of crude oil and the safety of its transport," a spokesperson said. Hidenori Watanave of the University of Tokyo Graduate School, a monitor of Japanese vessel movements, called it "a selective return rather than a wholesale shift into higher-risk waters," and said cheaper costs likely factor in since direct passages can avoid added charges and holdups.
Tokyo is prioritizing control and reliability. Relying more heavily on Japanese-owned or -operated supertankers boosts buyers' control of transfer arrangements just as energy security sits at the forefront. With Middle Eastern crude making up 93% of Japan's roughly 823 million barrels of imports in 2025, and domestic plants built to run medium sour and light grades from the region, even small routing shifts can influence how smoothly those barrels move and what it costs to move them.
Vessels returning to a route means insurers have recalculated. Get the free Market Briefs daily newsletter and read the signal.
